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Catching Big Waves - a trader's journal of surfing the the markets
Just checked into the Residence Inn, rearranged the furniture to create a trade desk, connected to the internet... and the euro is going ballistic. Not sure what is happening yet, and really wish I were in Orlando with my home setup. First guess is something happened in the summit, but right now only know up is the new down.
Euro soars on European Union bank-supervisor plan
LOS ANGELES (MarketWatch) -- The euro rocketed higher early Friday after European Union officials said they are aiming to establish a single financial supervisor for the currency bloc. The euro (ICAPC:EURUSD) jumped almost 2 U.S. cents to $1.2605 from $1.2429 in late North American trade Thursday
I do not claim to understand fundamental trading, and could not say if the news above is good or bad in the long run.
But what I do know;
A 5WM in crude completed, and then an ABC correction completed, and as of now, there is a strong argument for a major double bottom having just formed.
I watched the market today, not sure what was going on and so decided to just observe. But this I may understand.
If this move up is going to find resistance, the yellow zone would probably be it. If this impule up is sustainable, I would not expect any pullback beyond the blue zone. If we break the green pivot, that could be a major deal.
I am thinking now if the yellow zone breaks it is saying something strong.
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I made a phone call. Told them I was long my monthly cycle low (June 1st) and 'daddy' needed a new pair of shoes.
Merkel was a bit of a bitch; those PIIGS though~~they said no problem hedvig, you go buy those new shoes with your mid 1.23 and 1.24 long 'core campaign' trade positions.
I made money today, it was hard not to with the clear signals I mentioned last night. Not much though, 57 ticks, 1 contract, then had to go to meetings and missed the day. One and done.
I wanted to go long last night, but didn't. I was somewhat pissed I had an emergency and booked a 4pm flight at 12:30pm, shoved things in a bag and called a cab. I am in a new motel, wired into a 32 inch screen TV (plus a 17" laptop), but the TV would not accept the screen signal at a high resolution. That means, at low res everything was gigantic. That really made the "feel' part distorted.
Flaw #2, even with laptop and TV, I am used to laptop and 3 more large screens, so I was cut to
less than 50% of what I like to see. Add to that hotel internet speeds suck, so the signal is questionable, AND, I can't count the times that at a certain time of day hotel wifi's knock me off and require me to click a box accepting their legal terms for use...
So I was like I mentioned to iqgod, skiing the olympic downhill with 2x4s tied to my feet and a kitchen pot for a helmet. I felt vulnerable, clumsy.
So I went in 1 contract, reluctantly and almost with some resentment, accepted that I was not going to feel good today due to the environment, and then shut down NT, left the hotel, and still have not looked to see what happened.
I told my wife last night I could not believe the timing. I had to leave town unexpectedly, and then the euro issue has an explosion. In Orlando, that might have been time to break out the 10-15 contracts. And I did consider it today.
And then MADE myself back off. I had too many flaws and potential weak spots.
So I dealt with it by getting out. And now do not even want to look at charts until Sunday night.
I have thought about flying with my monitors, but it is just a hassle when it is a business trip. Packing it all up, unpacking. It also seems a little obsessive. I have some ideas that I may work out eventually, and some day may travel and trade as a lifestyle, but would map it out, and then also not be on such an intense schedule.
I am an expert at scheduling, and expediter of sorts, and have not missed a deadline since 1995. When something looks like it is a threat, I move.
I traded poorly compared to what I wish I could have done, and that bothered me. But on the other side of that, I handled it with discipline, so on that side I am proud of myself. I guess.
Disappointed in the conditions, ok with how I dealt with it.
