Fib What... Here is the visual.

Fibs and Trends = Profits

=Music from the past! What a movie!

Forex, Fib lines and night trading

So I plan to post my results every night I night trade. Not looking for a huge home run unless it comes but base hits. So here above is tonights results. My Max risk at anytime was $50.

Fibs and Trading

I just LOVE Fibs! Even when the market is NUTS (VIX Spike over 90) we can still use fibs for support/resistance entries/exits. I shorted this a few times tonight with tight and easy stops.

Learning From Mistakes

Learning from Mistakes

We all have winners and some we don’t like to talk about but I’ve come to the painful conclusion to TRADE WITH THE TREND. Better to stay on the side on the counter trends.

Why?

1) The counter trend move is not going to be the largest of the move and will most of the time be the smallest.

2) The trending move direction will help overcome the Bid/ASK spread AND the missing the perfect top and bottom.

3) If I am not able to nail the perfect top and bottom and I have to make up that Bid/ASK spread as in number two (above) then the Risk/Reward will NEVER be worth taking the trade.

4) The ONLY exception would be a trend reversal.

Simple but basic rules ONCE APPLIED has some nice $change$ to my account.

Now What

After a nice butt kicking this week trying to go long multiple times and getting whipped around I'm saying now what? Friday looked like a nice short term reversal point. Over 1000 point range on the DOW. A drop off the cliff at the open and then a bounce, drop off again then a bounce with volume things were setting up for a reversal. Looked pretty good going into the close and tonights future opening confirmed it. We might fill the gap over night but the market is soooo over due for a few bullish days and I believe we are here. I don't believe this is over by any means. Once the bounce stalls, I'll be shorting this market with just about everything I have.

Forex Markets

Seems I was right and wrong about being bullish on Friday. The Bill passed the house and then the market dropped. I have a few long positions and while hedging the downside overnight I started to swing trade as profits were coming pretty quick.. Turned out to be a pretty good night swing trading. My max loss was at any time was $180 and I did get to $-140 early on in the trade when the pair was slowly coasting up while being overbought(I was shorting). So here is the result of tonight’s trades.

Dave Turns Bullish With Stops At Todays Low

The SPY is showing we are at support looking on 20 day 30 min chart. I'm long AUD/USD which tracks the market well on the up side. Shorting EUR/JPY works well shorting the market.We shall see, but my stops are at the low of the day.

Dave