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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Welcome back.
Haven't read Livemore - maybe I should - would have made fewer mistakes. Get it - how you test the water, sometimes I do make the mistake of testing to much - which eats up profits - but I normally learn from these small loses.
I don't understand the yen fundamentals either (not that I care) - just trade on technical analysis.
Yen trade is working well at this stage added to the original short (93.6) at 94 which it just kissed.
Will take a few days to work out - if it does . looking for sub 92. will need to set up stops and limit orders as I am off to Fiji for a few days
You could be right - but so could I - it is a probabilities game. I am not sure where one can get definite data about a rally being speculator driven or big money manager driven ? It is only a guess unless we have a definite source or volume to confirm.
normally i don't bother with the why's of a price action - each expert can have a different reason - trying to figure it out in a short term trading (5 to 10 days max) plan is good to know but rarely actionable for me. Also, catching absolute tops and bottoms is a losing exercise for me at atleast - so start small - and see how the trade develops over the next day or two - add to it or get stopped out.
also looking at COT data - commercials who have been on the right side of the trade for the last year - are undecided - just a bit over a 1000 are short the yen. COT data overall is mixed with no clear bias at this stage and open interest is close to the mean of the last year - so no major increase in open interest signalling a large move is on the way - though all this could be lagging.
getting tempted to put in a small short on Cadjpy also.
purely technical. no great fundamental theories behind it. price got too close to the 3rd Standard deviation on the daily charts, previous resistance is around 93.75, RSI is at the highest level it has been in the last one year. I think the market likes the 90.5 zone - so hopefully will come done there.
enough reasons for me to risk a short - does not work all the time - but with leverage below 1:5 - i normally can widen stops if I think the trade needs more space to work or vice versa