My colleagues believe Yen June futures are forming a tradeable low under .6600; June Euro futures remain seller controlled for now. Also, Option Profile still suggests June Gold futures are no longer bullish above 2350.
It might sound silly to some, but having 30 years of experience in this. Trading in my pajamas at 3am and years later running bank money. Pick your favorite songs while trading even if people have a problem with it. It works lol.
So what does that matter with currencies you ask? I asked so many times we lost count. Australian Dollar tends to move with Gold and Canadian Dollar tends to react with Oil. But it is not a perfect correlation. There is only one true correlation. Elevate your sense of markets. For example, when I was a CTA I would pull up Reuters front page first thing just to gauge the MOOD out there. Some people call that juvenile, but guess what, they apologize to you years later. Ultimately you have to make decisions. And everyone is on the hook. I found if you are not having fun, you are missing some things. When it gets fun, you are making money, but do not get arrogant. Always accept input. It is your choice of who or what to listen to. Don’t let the animated shock jockies touting 100000000000000 % gains fool you. I worked with some of them. Half ended up in handcuffs in major banks. Your trading has to be pure. You have to know you can. You have to feel you can. And you have to do it right. Then it gets good.
I warned you Peyton Manning will arrive if you encourage me lol – My colleagues feel there is a tradeable top in Crude Oil – and have been selling September Crude futures above $83
Bobby based on your charting I am considering long EU here even though I hate it lol. US$ has legs so it would be counter-intuitive. I like the sell side overall. Market has to prove me wrong.
Rule of thumb for some of us – when selling wait until 7 is breached on the downside, if buying hit it at 2 (104.62). You could be wrong if not paying attention to the broader scope. But that is important.
I have been told and agree with this —the most vital opponent in trading is your human emotions. Play money is one thing, everyone masters it. But when your wife’s grocery money is on the line it gets VERY REAL IN A BIG HURRY. Precisely why, even though I am a fan to an extent, robotic trading ends up irrational ironically. You really have to learn and gain (a feel) for markets. And you must educate yourself in every facet you are capable of or you are just throwing water into the wind. But you can do that as well and come out ahead. But at what risk?
Side note, we cut the EurUsd long last night upon recognition it was not going to hold. Had I not hedged in Sterling my shirt would be a little tighter today.
Bobby is very good if I may say so. Regarding posting. I would encourage every person out there watching us to make a post when you feel like it whether or not it might work out favorably if a trade idea. Largely one of the greatest benefits of this former CTA I ever received was listening to everyone in GVI whether you agree or not, and asking questions. Jay will answer. He has a tremendous ability and history. More input here will inspire me to turn into Peyton Manning in the forum. Of note, I will be in and out of trades very rapidly. Some are testers to see the carry impact or margin impact, those are some of the things that tell you if the odds are stacked in your favor or not. The goal is a minimum of 10 pips per trade, but I will often take 2 or 3 if I don’t like the carry/margin/other impact. So be on your toes. If I am holding, I will note it and usually with a project time horizon. Please bear in mind most CTA’s or former CTA’s are momentum practitioners.
Ok GVI. Endless thanks. A bit more coffee after pulling a muscle working out to VanHalen last night lol. I will attempt to temper the input out of respect. Yen obviously is a favorite, AudCad, and Sterling (I have an issue with communism so I don’t like Eur/Usd unless I am selling it lol).
Effective at the end of this month Monedge will no longer provide its signal service due to exactly what I mentioned in an earlier post today. Unfiltered automated signals is playing with fire without human input. You will find most of our signals here in GVI at an increasing rate in a fashion that hopefully does not clog the forum and unintentionally discount the other very very good traders and posters in GVI. I tend to bein and out of trades rapidly through the course of a day/night. My collegues tend to hold positions for a week or longer. So my posts could be frustrating for anyone including myself due to the sheer rapidity lol. One CTA called me a walking talking high frequency robot lol. You simply will not find a better place than GVI. It has been THE go to source since the 1990’s. Disclaimer – I am not paid by GVI.  Yet lol
