Posts by "montmorency"

@Amiro: If you look at this article that Ashraf tweeted about ~1HR ago
http://www.bloomberg.com/bb/n/asBNXSLtlN9E

It seems that the Greek story (tragedy?) is far from over. Then there is also Portugal, Spain and Italy to think about. On the other hand, yes, I think you are probably right to suggest there is an element of news management going on. I believe this happens all the time.

Long-term I think the Euro will survive and prosper. But they have to do more than just paper over the cracks, or apply sticky plaster.

@Pipster: Just about the first lesson the market taught me was how volatile gold is. 40 pts is nothing for gold.

On the 1H chart of cable, the 365 EMA could act as a resistance which would be about 1.5808.

I'm not that big a believer in the concept of resistance to be honest, but the 365 EMA does often _appear_ to act that way (and as support as well of course in other circumstances).

I sometimes use that and other EMAs to give a bit of structure to my charts, but I also take them with a pinch of salt.

@AVG: I have no opinion on AUD/USD at the moment, but for EUR/USD, and GBP/USD, the sentiment is clearly bearish medium term, but you will always get these strong rallies at certain points. These are opportunities to sell into them, but of course, you have to set your stop accordingly, expecting further rallies to take place. That is the way I play them anyway. (I also do with same with EUR/JPY, even though Ashraf suggests buying this as a hedge against EUR/USD - however, I think it's just another way of playing it ... I prefer to go with my bearish sentiment (for the time being) on Euro generally (excepting EUR/GBP which I believe is a sort of special case)).

If you have taken a big hit, it might be a good time to take a break from active trading. You could paper trade and/or demo trade in the meantime.

Take care,
M.

Gold: In fact it has well and truly punched through that descending trend line on my chart.(1116.0-1116.5 as I write).

Let's see where it closes.