Comment by Peter jcp on November 2, 2012 at 7:19am

EU - Pre London Open on Friday 2nd - will support at 1.2886 hold ?

Comment by Alan Hill From Sarrafx Trading on November 2, 2012 at 7:24am

Good morning Peter,

 Seems momentum is totally lacking at the moment. I cant see there being a major breakout ahead of this afternoons numbers but can see a test of the lows coming.

Part of my re-education is to look shorter term (a case of getting more in tune with clients). I will start producing a daily blog which is more in line with daily moves and restrict my more rant based blogs to once or twice a week when the fancy takes me.

Comment by Peter jcp on November 2, 2012 at 7:44am

Morning Alan - please don't stop any "rant" based blogs - we all love a great rant and helps relieve the boredom and stress of being involved in this great "game" ;-))

I know many traders sometimes worry if they read all different trading forecasts and blogs - in case it influences their trading etc. Personally - I just think the more the merrier - because normally there will always be something to learn from every traders view - and then if you say to yourself I must do what my chart says - its no problem. If your charts then keep giving you wrong trades -then it time to review or change.

Will certainly look forward to any of your daily forecast on any currencies etc

With regards to momentum - its Freaky Friday - ( NFP day) so anything might happen ;-))

I wonder how the market will "fool" and bulls and bears today ?

Have a good one 

Regards 

Peter

Comment by Keith Shaw on November 2, 2012 at 8:55am

Morning Gents,

@Peter , not sure how the market will fool the bulls and bears today, at the best of times the challenge is to stop us from fooling ourselves ;)

@Alan rant away . . . ;)

The World Money Show and World Internet Summit are on in London over next few days, always a good excuse to get away from the screens and meet with fellow traders and share a beer or two while we talk about stochastics and fibonacci ;) . Happy Pipin.

Regards

Keith.

Comment by Peter jcp on November 2, 2012 at 9:12am

Morning Keith - yes my biggest challenge in trading - is always me ;-))

I just keep thinking the market is trying to take my money away from me all the while ?

But I don't know why - because as we know its such a friendly easy going place and all those "big boys" don't mind us having a few dollars just to keep the wolves away from the doors. After all it's nothing to them when they are dealing in billions;- )  

So today I thinking - would the miss the odd $10k or $20k and just lodge it in my account and let me carry on walking the dog ?

Oh - my alarms gone - i have just woke up !!!! 

Comment by Peter jcp on November 2, 2012 at 9:21am

Comment by Keith Shaw on November 2, 2012 at 9:44am

The Market is always leaving clues Peter, it can be a bit of a science and a black art, just like Sherlock Holmes we need to be good detectives.

We need to be astute, logical in our reasoning and have a plan. We need the right mind set and ability to adopt to the ever changing market environment and use the tools at our disposal and our skills to do what the 5-10% of people do consistently in this business and that is MAKE MONEY.

You think Sherlock Holmes would have made a great trader ? ;)

Comment by Peter jcp on November 2, 2012 at 9:56am

I think Keith - Mr Sherlock Holmes and don't forget Dr Watson would have been very good traders. They would have sussed out all the "misleading clues" - that are whispered around the market place - and have seen straight through those big institutional "players" - who never seem to be caught - but pretend to be having it tough ;-)

I can just visualise Sherlock now - smoking his pipe with a his magnifying glass out looking at a 5 second EU tick chart spotting a ABC pattern - whilst Watson would be holding his pocket watch and noticing the time of this occurence ;-))

Those fine English Gentlemen of the past are still around Keith

Have a good one  

Comment by Sir Gissachance on November 2, 2012 at 12:03pm

Hi Peter,

This is indeed a mystery which would required help from our dear dear friends the great Sherlock Holmes and Doctor Watson. Unfortunately I was otherwise engaged but would have liked the time to raise this awareness. Please view the evidence presented and make sure you are seated before you read.

Sir Gissa ........ Out  !!!!!!!!!!!

Comment by Peter jcp on November 2, 2012 at 12:54pm

Hi Sir Gissa - I am in your mode - ie I am sitting down with my Earl Grey and just put my monocle up to my right eye to investigate your evidence in more detail. Your chart is very very interesting with many fascinating clues to whats happening in this EU market.

At the same time just noticed its that "silly monthly announcement"  used by the market to take all daily stops out and to have a clean up ;-)

Back to your evidence -

1. October 31st and the last day of the month.

2. The high of that week which stopped just 1 pip lower than previous high - clue - a lower high?

3. The Bulls are all in and rampant - looking for 3100 and 3200+

4. The Bears are sleeping thinking there goes another one of my stops ;-((

5. 31 and 13  - reversed

6  From then on - down hill - new month and falls so far

7. Bulls being taken out and Bears still caught asleep 

8. How low can it get and long can it go on ?

9. Surely not 13 down days ???

10. Another thrilling episode next week ;-))

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