EURUSD 1.1851 |
USDJPY 111.52 |
GBPUSD 1.3772 |
AUDUSD 0.7485 |
USDCAD 1.2406 |
GBPJPY 153.59 |
EURJPY 132.15 |
AUDJPY 83.48 |
CADJPY 89.86 |
Silver 26.23 |
Friday's $2431 high in gold consisted of a 21% rise from the Feb 14th low. Such percentage extensions from key lows or/and technical levels such as the 200-DMA, could flag crucial opportunities for partial/full profit-taking. Watch here.
Bitcoin versus Miners Performance
As many of you know 2023 was kind to members of our WhatsApp Broadcast Group who snapped up shares in bitcoin miners, while 2024 has so far been more superior to Bitcoin than most of the miners...
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The next trade I am eyeing is the Euro. To sell at 14750. Why ? Straight long term trend line resistance at about 14690, right ? Also fundamentally i feel that Euro is overvalued medium term.
The other one which is tempting my punting instinct is gold, to buy if it breaks 1510. Might have to wait next week for that.
Not giving excuses here but I think I do tend to get caught up with fading when I see others do it. I am generalising, but one glance at the posts and you feel that many are trying to pick a bottom with the USD or top is some other counter and it feels safe to be doing it with others. Typical greenhorn tendencies, I guess.
That is why I feel the need for someone above to shout at me to do the right thing.
I am reading that what we have witnessed in silver is still not a 'parabolic' move yet. Frankly if this is not parabolic I dunno what is(well then again I am only a 3 month old 'trader'.
When I asked a broker friend of mine what constitutes a 'parabolic move' in the case of silver he says that that will mean $2-3 upward movements everyday and towards the last stages even $5 a day movements. Cant quite imagine that.
This is not for the faint hearted. This quick silver hardly retraces and when it does it does the quickest of u-turns. And gold and silver play like a tag team together, when one sleeps the other makes its moves but finally they pull each other right along.
Appears that it's safer to join than to bet against this solid tag team in the current climate, IMHO.
Cant figure out how EWA fits into all this. Even EWI has given up with wave counts for silver for the past week or so. Yet EWI's current word on silver price is that- it is "highly unstable". Cute description.
I subscribe to the same philosophy. "Do the job right and everything else will follow". But to get to do the job right, one must be passionate about their job, IMHO. "Chase money and money will find a way to run away from you"- they say. This market adds another factor into the mix, that is ego. Apart from discipine, I suspect that ego is the other factor that lets traders down.
To have the "passion" is one thing and to keep the passion sustained is yet another, IMHO.
Most people make their money from their careers and not from investments. Am acutely aware of that, so I will have to hold on to my day job.
Not expecting any major turn around from here. If it gets to 43.80 I will be elated. But if it breaks through 45 enroute to 50, nothing surprising either.
I will buy it back at 46.30 then.
Dynamic Traders have not responded and I will try directing my mail to Mr Miner himself.