I haven’t been posting regularly of late…..NO I aint gone broke Trading, and no I aint quitting!!! It’s just that I am lil busy with my main business, as the season is on, and this the primary bread and butter for me. I am into the business of bulk selling of Fresh Flowers (to make it sound more exotic let’s just say I deal in HIGHLY PERSIHABLE COMMODITIES!).
Will be a taking a kinda long break as traveling to
Take a look at the SnP 500 chart below and you can see on the chart to your left (weekly), price is retracing to the 50% fib level and now the indicators also seem to hinting at a pause; a breather perhaps?
The Daily above (right) shows a small DT which gets confirmed only on break of the trough below (till that happens we assume it as multiple top). Initial weakness will set once we start trading below 1080. There is a massive Negative Divergence happening on the daily chart and it gets confirmed by the PRICE breaking those multiple supports courtesy short term trend lines and both the 20 and the 50 periods MA’s. In short (pun intended) a close below 1060 would be a welcome move!!!
Mucho has been written about the USD nowadays, and that’s probably because many expect a bounce in it. Technically yes, but then we never know if this is the low! As followers of Technical Analysis we must not be predictive but be reactive.
From the USD Index chart we know we have a probable DB. Period that’s it; a probability of a DB and along with it we have a logical SL a few pips below the DB (that is if you decide to play long) and of course the target above (77.5 and approx 79 to begin with).
Technical Analysis doesn’t fail coz it always gives you the escape route (the STOP LOSS) its us traders who fail when we just fail to use the STOPS!
While you are at it I would suggest you read my last weeks post on Dollar here and a very good write-up by noted analyst A.K. Prabhakar here!
While a man was polishing his new car, his 4 yr old son picked up stone and scratched lines on the side of the car.
In anger, the man took the child's hand and hit it many times not realizing he was using a wrench.
At the hospital, the child lost all his fingers due to multiple fractures.
When the child saw his father..... with painful eyes he asked, 'Dad when will my fingers grow back?' The man was so hurt and speechless; he went back to his car and kicked it a lot of times.
Devastated by his own actions..... . sitting in front of that car he looked at the scratches; the child had written 'LOVE YOU DAD'.
The next day that man committed suicide. . .
Anger and Love have no limits; choose the latter to have a beautiful, lovely life & remember this:
Things are to be used and people are to be loved.
The problem in today's world is that people are used while things are loved.
Let's try always to keep this thought in mind:
Things are to be used,
People are to be loved.
Watch your thoughts; they become words.
Watch your words; they become actions.
Watch your actions; they become habits.
Watch your habits; they become character;
Watch your character; it becomes your destiny.
I'm glad a friend forwarded this to me as a reminder..
I hope you have a good day no matter what problems you may face
it's the only day you'll have before it's over.
