EUR

Predicting what the EUR will do from here is tricky. Read an article a few days ago on cnbc saying that additional windfall profits from oil sales is leading middle eastern fund managers to diversify and buy euros. Of course if i were them I would wait for a pull back at least for a bit before continuing to buy, but then who am i to argue lol... At the same time when everyone begins to talk about a target zone as being a new resistance zone in EUR (based on top rising channels), my initial experience in FX is assume the worst. I feel with so much liquidity due to us retail investors, the pros refrain from selling into what may be a generally perceived resistance area just because they feel the subsequent nervousness of retail (if it doesnt go in their direction quickly) will cause panic covering adding fuel to the fire. It seems FX is getting harder because the money printing in japan is adding extra punch (to the feds QE2) with people willing to take more carry trades with confidence. On the flip side it could all end badly for the long carry traders. In these times we can only wait for the market to show its hand with a good sell off and a partial retracement before new shorts can be taken at a good risk reward.

hey daveo or ignore..heres my trade for eur...im covering my short position @ 1.4450 as my recent chanel shows (1.4375-1.4490) the bottom chanel being tested now..looking back i see it caught bids each time lower trend line was tested..so with the price action wanting to go higher for eur +trendline holds+it makes sence to cover and go long for 1.4490 level then sell the long or wait to see if it breaks 1.45 but place a 10pip trailing stop to secure some profit..or would it b best to see if 14450 fails b4 covering my shorts..i noticed earlier eur had troubles breaking 14485-90 level so might warrant some patients..plus ignore is taking up shorts:)..but from a tech stance its telling me to vover:)//ok gl/gt:)

hey dave thanks for the kind words of encouragment..i feel soo much better realizing its ok to be wrong an to switch up direction..also im going back to playing smaller blocks until i get more comfortable with were my acct is..plus i took 6k and turned it into 125k now i got 60k left im sure i can get back to my highs an hopefully push higher:)..gl/gt this week 2 every1:)

The story of gold is as rich, lustrous and complex as the metal itself. It is as ancient as the Egyptian Pharos and modern as the mirrors coated with gold which astronomers use to capture images of the universe. The metal's mounting value is connected directly to its economic role as a stable alternative to paper currencies, and its rise should speak volume about the health of the global monetary system.

John Maynard Keynes, the economic guru of many of todays economists, called gold a barbaric relic. Lenin went even further. He suggested an ingenious way to demonetize gold. Under Communism gold would be used to plate the inner surfaces of public urinals. Lenin of course, had the means of preventing the people for making off with the urinals. He had the secret police. But neither Keynes nor Lenin has proven to be right. In fact, the way its going, it looks like it is paper money that is going to the toilet.

One further comment. Ever since I started trading I have been perma bear stocks for about 80% of the period yet if you look at stocks over that period they have spent at least 80% of the time in bull runs. This speaks for itself and I thought I was a pretty good judge of fundamentals. So yes, we must "believe" price action and trade accordingly regardless of our inner feelings, or our "gut" feel.

I come to terms with the divergence by telling myself the stock market is heavily manipulated. So that's fine now, all I have to do is judge the degree of manipulation forces in play at any given time. That keeps my psychy on track and stops the left brain doing something stupid. Trading is 80% psychological challenge. We get in the way of ourselves.