“In my experience, I have to say that there was very little critical difference between the net winning traders and the net losing traders in most areas. All of them had good understanding of the basic market fundamentals, used a solid technical analysis or research of some kind, and exercised a lot of personal discipline. The one thing that stood out, the one thing that separated the net winner from the net loser, all things being equal, was that the net winner had a trading plan in addition to his other skills. The net winner knew he was up against not just the market and his competitors, but he was up against himself, too. To guard against the possibility that he (the trader) could blow himself out of the water at any time if he wasn’t careful, that trader had a plan.” – Jason Alan Jankovsky
“What seems like a crazy idea today eventually grows. It’s a ‘with hindsight’ thing. One day, someone will turn around and say;That was genius.” – Natalie Massenet
No change to what we discussed in our latest weekly outlook video. It’s all about follow through now that we have pulled back from these recent highs.
Our main focus remains on CL (unresolved business in the low 40s), GBP (still structurally short across the board) and NQ (something important happened last Friday and we expect more downside).
Here are some of the charts we will be reviewing/discussing today:
As always there is no substitute for real-time/live action; if you are interested in attending a daily morning call into NY with a more detailed live discussion on all the charts and ideas we highlight/review in the outlook video and here on the blog, you should check out our Daily Webinar Group.
“Life is accumulative – Either our errors accumulate to what we don’t get, or our wise decisions accumulate into what we do get.”
– Jim Rohn
All about Yellen today with the risk being that she pours a tiny little bit of cold water on this recent USD run setting up potential squeeze action. It’s going to very interesting to see how Friday flows decide to move. Naturally we are still very much focused on the action on GBP and other charts at key inflection points like XLF.
The reversal on EEM represents a beautiful example for finding the right way to express a general theme and patiently waiting for the levels and r/r to stack up for the trade. Overall, we remain in a choppy area but the action remains constructive for a healthy retracement.
“That men do not learn very much from the lessons of history is the most important of all the lessons that history has to teach.”
– Aldous Huxley