Friday, August 7, 2009
It's in no body knows land again. Have you noticed that generally happens on weekends.
Kenny, Daneric, Pedram, Filipe, Rich, me, everybody has a different count. There are enough possible triangles, diagonals, and expanding wave counts to make a person dizzy.
Today I bought FAZ when we hit 1018, but I could almost not do it, because recently I've been on the wrong side so many times.
But 38.2% and yada yada. So I did it. But I'm just holding my breath, and hoping I'm not wrong. So far it's been a good trade, but it will be the first in a long line of loosing trades.
I'm ready to go back to basics. Stochastices and MACD have long provided reliable trade signals. Look at this MACD chart. Sure there are a few places where you would loose commission, but over all it's been a winning indicator. It's great when you catch the top of a wave and ride it, but how many missed waves does it take until we catch one that pays back all the losses? I'm drowning in all these waves that expand out to a larger scale.
What is it that drives a trader to always try to grab more than a simple MACD chart provides? I believe it's the desire to beat the market. I like to feel I'm are in control; smarter then the rest. You know what I mean. But on Monday I'm going to cross my fingers, spin three times around, and hope the MACD turns down.
The feeling of defeat was so strong today, I realized the market had beat me. I was on the edge of joining the bulls, and at that moment I realized that it was the ultimate breaking point.
If they could break me, then they had already broke the public. So I stepped up push the key, and bought FAZ; one more time.
Today was one of the strangest days ever. The divergence between the EUR/USD was confusing. I have relied on these two markets holding hands for so long. It may be an important sign that change is coming.
The oscillators are screaming for a top. How much more divergence can the bulls provide? Fundamentals are screaming too, but the politicians have been able to make it look like a recovery is in sight. I know the Bears will be right one day, I just hope I can hold out till then.
Analysis presented on this Blog has only informational, and educational purpose, and does not represent a proposal for buying or selling currency contracts.
Posted by Robert Campbell at 19:31