for the week starting 10-Feb-2014
Another interesting week has passed.
DJIA has fallen drastically, went to a level too low below my previous forecast, but sustained above an important level which I will consider to change my view.
You will find this information at the comment.
I thank Yong for visiting my blog and leave his comments, that keep me aware and interested to know what's happening.
Rookie trader has started trading mini lot, he used to trade micro lot and unfortunately, he has seen his first loss during the market swing.
He didn't enter any stop loss, but he defined the take profit price.
I am strongly against this practice.. however, he made it to take $50 from the market, CL trade, 1 mini lot. I don't know why, but he seem to be more attracted to commodities, than equities index.
DJIA
The US gained 113,000 jobs in January. The unemployment rate stands at 6.6% – little changed from the previous month. The US Non-Farm Payrolls report was expected to show a gain of around 185K in the first month of 2014 after an initial report about 74K for December. Even though significant revisions were expected, there were only 34K jobs added in November and December than previously reported. The unemployment rate was expected to stand at 6.7%, which isn’t far off the current rate of 6.6%.
Last week DJIA broke below 15350, on my FXCM chart lowest is 15338 pts, slightly above the level which I consider changing my view from bullish to neutral (15200 - 15250 pts).
There are couple of bullish movement since Thursday and formed a reversal candlestick pattern on weekly chart.
I suspect the market to continue the upward momentum early of this week to reach 16,000 pts.
But beware market might swing down to test 15,550 pts before returning to 16,000 pts.
Next target 16,450 pts.
Related Post:
Forecast 20-Jan-2014 (read comments)
Cheers
Ayumi
Another interesting week has passed.
DJIA has fallen drastically, went to a level too low below my previous forecast, but sustained above an important level which I will consider to change my view.
You will find this information at the comment.
I thank Yong for visiting my blog and leave his comments, that keep me aware and interested to know what's happening.
Rookie trader has started trading mini lot, he used to trade micro lot and unfortunately, he has seen his first loss during the market swing.
He didn't enter any stop loss, but he defined the take profit price.
I am strongly against this practice.. however, he made it to take $50 from the market, CL trade, 1 mini lot. I don't know why, but he seem to be more attracted to commodities, than equities index.
DJIA
The US gained 113,000 jobs in January. The unemployment rate stands at 6.6% – little changed from the previous month. The US Non-Farm Payrolls report was expected to show a gain of around 185K in the first month of 2014 after an initial report about 74K for December. Even though significant revisions were expected, there were only 34K jobs added in November and December than previously reported. The unemployment rate was expected to stand at 6.7%, which isn’t far off the current rate of 6.6%.
Source: ForexCrunch
Last week DJIA broke below 15350, on my FXCM chart lowest is 15338 pts, slightly above the level which I consider changing my view from bullish to neutral (15200 - 15250 pts).
There are couple of bullish movement since Thursday and formed a reversal candlestick pattern on weekly chart.
I suspect the market to continue the upward momentum early of this week to reach 16,000 pts.
But beware market might swing down to test 15,550 pts before returning to 16,000 pts.
Next target 16,450 pts.
Related Post:
Forecast 20-Jan-2014 (read comments)
Cheers
Ayumi
"He didn't enter any stop loss, but he defined the take profit price.
ReplyDeleteI am strongly against this practice.."
Hopefully despite his success by doing that he'll follow your advice and end leaving out a specific stop loss.
Basically by not entering a fixed stop loss, the real stop loss becomes either "max pain" where he can no longer bear the loss, or "bust" where he gets a margin call. Either way, all his gains made by neglecting stops will likely be erased and then some.
As the saying goes, there are bold traders, and there are old traders, but there are no bold and old traders. =)
Miss your blogs! Hope you are well- have a fun weekend! =)
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