bears pour it on
Posted by Cire2222 on Jul 24, 2008
Wow, what a bloody day in the markets. We opened flat and fell all day with no signs of buying. The only bullish note I can find today is the lighter volume but I won’t read too deep in to that tid bit. The dollar remains strong and I really think this could be the start of a huge move uo in the dollar, keep your eyes on it. As for tomorrow, I expect a bounce in oil and a pullback in the dollar. The stock market should show somewhat of a follow through of today down move in early trading. This is going to continue to be a wild market so stay nimble!
On another note, there is a key pivot set up in gold tomorrow however I do not want to take this trade nor make it part of the mock portfolio due to the risk reward. After my analysis of the trade I found that I can’t expect much upside in the trade and it is not worth the risk. However for those of you who would like to take the risk on this play get long on a move to 931.50 I would expect not much more than a $5 move up from there as a target so place your exit at around 935-937. Place your stop @ 919. This risk/reward to this is not in favor enough to take the trade but I still feel this is a high probability play that can help you grab a quick $500 per contract.
Gold key pivot update
Posted by Cire2222 on Jul 8, 2008
A quick update on the current gold key pivot play. So far we have had our first target hit @ 917 for a gain of $1100 on the first contract. The second contract is still open, I want to lower the stop loss on that last contract to 928 ( our entry price). This gives us a worst case scenario of a $1100 gain on the trade. I see us holding support levels here and I was not happy with the lack of selling in gold with oil dropping $5 today. We are trading @ 920 right now, I want to place our second target at 915 to see if we can get our exit tagged tonight or in the morning.
Key pivot update
Posted by Cire2222 on Jul 7, 2008
The gold key pivot trade already hit the first target of 917. I was wot now move the stop down to 938. Now the worst we can do is walk away with a $100 gain to cover costs. The second target is still open, we are on a ride for free.
Cire’s key pivot play (GOLD)
Posted by Cire2222 on Jul 7, 2008
Key pivot play in goldSorry for the late night post but there is a gold key pivot play set up in gold RIGHT NOW. The trade will be taken in the August 2008 contract. The trigger was @ 928.00 we ticked below that so the set up is complete. Enter short @ 928 or better. Our initial stop loss is set @ 949 and the first target is 917, second target is open. GOOD LUCK!!!!
FED day upon us
Posted by Cire2222 on Jun 24, 2008
FED DAY
Well tomorrow is FED day. I have said it before and I’ll say it again, the best way to play FED day is described in the image below
KEY PIVOT PLAYS
As for the key pivot play in the Euro I mentioned last night there was NOT a trigger for entry. Gold did not trigger either and the S&P set up I mentioned might occur didn’t take place, It would of required a positive close. The good news is, there are no open Key pivot plays going into FED day, you can rest easy. I hope a set up comes soon, I am anxious to play one again
Dollar strength
Posted by Cire2222 on Jun 23, 2008
Dollar Strength
I have been posting multiple charts on shorting the Euro, I have been looking for a reverse ‘W’ formation to be confirmed and we almost has it today but the close just was not low enough. I am still bearish on the Euro and can’t wait to see what happens the rest of this week with the FOMC so soon. Gold also took a big hit today as the dollar gained strength, if the dollar can stay strong I expect much downside in both the Euro and Gold. Below you can see a couple charts on Euro and Gold.
Dollar strong
Posted by Cire2222 on Jun 3, 2008
Just last night I posted about the Dollar being a key market right now and boy did it make headlines today. Fed Chief Ben had some hawkish words on inflation and the market now thinks the rate cuts are over, the fed fund futures are even pricing in a chance of a rate hike. The EUR/USD was the best spot to be as a dollar bull just like I mentioned last night. I also like the USD/JPY pair but I do not like its intra-day correlation to the stock market with this recent weakness. The USD/JPY didn’t give me the close I wanted but I continue to think it will move higher. The dollar and oil should continue to be key markets for now.
Posted by Cire2222 on May 30, 2008
| Date entered | Entry | Exit 1 | Exit 2 | Original stop | Adjusted stop | P/L | Account Balance |
| 5/11/08 | n/a | n/a | n/a | n/a | n/a | n/a | $20,000 |
| 5/12/08 | (S)878.50 | 868.50* | n/a | 883.50 | 871.50* | $1700 | $21,700 |
| 5/22/08 | (S)917.00 | 909.00* | n/a | 936 | 881.00* | $4400 | $26,100 |
Gold stop moved again
Posted by Cire2222 on May 29, 2008
Now that the day is over and gold has taken a beating I want to take our stop down another 10 points to 881.00 to lock in more gains. If it continues to waterfall down we will lock in more. I will update you on any changes.
Key Pivot play GOLD update
Posted by Cire2222 on May 29, 2008
Well gold is down another $20 this morning. I want to step in and tighen our stop to 891.00 to lock in profits on this play. Worst we can do on our second contract now is walk away with a gain of $2600 for a total gain of $3500. Anything extra from here is a bonus.
