Long Euro 1.3080
Long EurYen 116.65
Short USDCHF 1.15
Monday, January 26, 2009
Sunday, January 25, 2009
Ok so this is CL daily chart from Futuresource.com. As you can see we are about to hit resistance at 50.00 area. Now what I am thinking will happen is that around the resistance, people will begin to sell thinking that the market is still short, so it will bounce at first.I believe that the market will be caught short, so it will begin buying back on that small bounce, which will begin the uptrend. Using the usual breakout tp calculations (H-L)+H, you get a target of about 65 before a retrace.
Lets see how right I am.
USDCAD and some other thoughts
OK so my near term analysis is this:
Oil has formed a double bottom break of 50-65 is confirmation. I say its plausible that an uptrend will occur to around 90 area. This is based on the fact that Both CAD (oil based) and EURO (inflation based) currencies are beginning to consolidate and look to head north in the near term (coming month or two).
I took a USD/CAD short position @ 1.2490 on Friday, held over the weekend +176.
now my key levels to watch are:
Euro: 1.3100
USD/CAD: 1.2250
Swissy: 1.1400
Eur/Yen: 117.00
USD/Yen: too messy for me right now
Cable: This is interesting. The UK is currently up shit creek without a boat (worse than being there without a paddle). Waiting to see how things play out on their part before I take anything. Plausible that enough selling of the USD on any cross will cause cable to gain strength.
Oil has formed a double bottom break of 50-65 is confirmation. I say its plausible that an uptrend will occur to around 90 area. This is based on the fact that Both CAD (oil based) and EURO (inflation based) currencies are beginning to consolidate and look to head north in the near term (coming month or two).
I took a USD/CAD short position @ 1.2490 on Friday, held over the weekend +176.
now my key levels to watch are:
Euro: 1.3100
USD/CAD: 1.2250
Swissy: 1.1400
Eur/Yen: 117.00
USD/Yen: too messy for me right now
Cable: This is interesting. The UK is currently up shit creek without a boat (worse than being there without a paddle). Waiting to see how things play out on their part before I take anything. Plausible that enough selling of the USD on any cross will cause cable to gain strength.
Monday, January 19, 2009
Schooling.
Due to OC transpo strike here in Ottawa, I have no way to attend University until the strike is over. I have dropped Carleton University, and have begun taking my mathematics courses online. Taking them online saves me a rather large sum of money, and allows me to do things in my own time which drecreases the opportunity cost of school because I can open up my work schedule.
Friday, December 5, 2008
Life, Business and Determination.
"I found every single successful person I've ever spoken to had a turning point. The turning point was when they made a clear,specific unequivocal decision that they were not going to live like this anymore;they were going to achieve success.Some people make that decision at 15 and some people make it at 50,and most people never make it all"
- Brian Tracey
Repeat. There IS a unequivocal point in every millionaire's life where you decide that you do not want to live like this anymore. As I build my fortune, several things become clear and only time can make them clear. Over the past year I have transformed my life from a unorganized mess of a blind-sighted trader, to a strict fully (some-what) functional business. When you look at what someone has accomplished, and you realize that you should be in the same place as them and you begin to ask why am I not there. One must build on their strengths to further their goals. As I am about to partake on my first of several goals, I am reflecting on the struggle to get this far.
I should start off by saying I have in the past, just been here for the ride. This view was simply that good things come to myself naturally, and that hard work and determination isn't needed, just abstract thinking. This lead to my first major loss (or tuition payment) in the Markets. One cannot simply study strategy, one must learn that the world is constantly creating paradigms that you need to be prepared for. Always anticipating what would happen next, my stint into FOREX didn't go as I had planned. Ignorance caused this. I was constantly told "market never does the same thing twice" and now I finally understand. Ironically, all this came to be at a craps game. Go with what the market is doing. One man cannot move the market, you must do what the market is doing, and you can make a lot of money (+$360 to be precise). When the dice are rolling outside numbers, bet on the outside, collect the profits. I (while in FOREX) was too busy trying to predict the future and bend the market to myself to pay attention to what is happening now. This caused me to close my first FOREX account with a 30% loss from being nickle and dimed to near death (of the account, and my patience). A great man once said:
"If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle"
-Sun Tzu
This is where things become interesting. The first time at post secondary education, I didn't know what I wanted to get into, so I managed to wander aimlessly through Business Admin/Business Marketing, not receiving the best marks. I then became highly interested in trading, started reading everything I could (my book collection is now close to or over $2000.00) and began trading instead of paying attention in class. Now, after accomplishing many tasks (being published in Ottawa Business Journal, blowing up an Equity account, and amassing a few thousand of student debt) I began to put myself back on track. Started my blog, The Trader's Journal, where I state my thoughts as I climb the ladder to my Financial Freedom, using it as a written place where I could consult myself when I stray too far from the path.
I have used the blog to break down what I have done wrong in the past, reflect upon it, and rectify it. I have since paid off all student debts, as well as current tuition (paid it off in 2 weeks :) ). The new paradigm that I need to face is the adjustment/balancing between achieving good grades (as I am considered a "special student" at Carleton due to not having pre-req. classes done) to receive full time status, providing for myself (while keeping within my means) and progressing on my trading. This means 60-70 hour weeks, demands that I begin to focus on both mental, physical, and financial well-being. Whatever it throws at me I will be ready.
"Victory is sweetest if you've known defeat"
-Malcolm S. Forbes
- Brian Tracey
Repeat. There IS a unequivocal point in every millionaire's life where you decide that you do not want to live like this anymore. As I build my fortune, several things become clear and only time can make them clear. Over the past year I have transformed my life from a unorganized mess of a blind-sighted trader, to a strict fully (some-what) functional business. When you look at what someone has accomplished, and you realize that you should be in the same place as them and you begin to ask why am I not there. One must build on their strengths to further their goals. As I am about to partake on my first of several goals, I am reflecting on the struggle to get this far.
I should start off by saying I have in the past, just been here for the ride. This view was simply that good things come to myself naturally, and that hard work and determination isn't needed, just abstract thinking. This lead to my first major loss (or tuition payment) in the Markets. One cannot simply study strategy, one must learn that the world is constantly creating paradigms that you need to be prepared for. Always anticipating what would happen next, my stint into FOREX didn't go as I had planned. Ignorance caused this. I was constantly told "market never does the same thing twice" and now I finally understand. Ironically, all this came to be at a craps game. Go with what the market is doing. One man cannot move the market, you must do what the market is doing, and you can make a lot of money (+$360 to be precise). When the dice are rolling outside numbers, bet on the outside, collect the profits. I (while in FOREX) was too busy trying to predict the future and bend the market to myself to pay attention to what is happening now. This caused me to close my first FOREX account with a 30% loss from being nickle and dimed to near death (of the account, and my patience). A great man once said:
"If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle"
-Sun Tzu
This is where things become interesting. The first time at post secondary education, I didn't know what I wanted to get into, so I managed to wander aimlessly through Business Admin/Business Marketing, not receiving the best marks. I then became highly interested in trading, started reading everything I could (my book collection is now close to or over $2000.00) and began trading instead of paying attention in class. Now, after accomplishing many tasks (being published in Ottawa Business Journal, blowing up an Equity account, and amassing a few thousand of student debt) I began to put myself back on track. Started my blog, The Trader's Journal, where I state my thoughts as I climb the ladder to my Financial Freedom, using it as a written place where I could consult myself when I stray too far from the path.
I have used the blog to break down what I have done wrong in the past, reflect upon it, and rectify it. I have since paid off all student debts, as well as current tuition (paid it off in 2 weeks :) ). The new paradigm that I need to face is the adjustment/balancing between achieving good grades (as I am considered a "special student" at Carleton due to not having pre-req. classes done) to receive full time status, providing for myself (while keeping within my means) and progressing on my trading. This means 60-70 hour weeks, demands that I begin to focus on both mental, physical, and financial well-being. Whatever it throws at me I will be ready.
"Victory is sweetest if you've known defeat"
-Malcolm S. Forbes
Wednesday, November 5, 2008
Arbitrage
Came across this cool website the other day:
http://www.arbitrageview.com/
basically lists ideas on risk arbitrage, where you profit from mergers & acquisitions.
Site has me thinking if similar things happened when European countries signed onto Euro.
http://www.arbitrageview.com/
basically lists ideas on risk arbitrage, where you profit from mergers & acquisitions.
Site has me thinking if similar things happened when European countries signed onto Euro.
Wednesday, October 8, 2008
Update.
Ok so just a little update.
Due to current market positions I have taken cash over the trading account for now.
Will focus on working so that I can pay tuition cash.
Markets are very unforgiving right now, nickles and dimes. As I cant see anyone taking long term positions in this market, and I am a positional trader, it is in my best interests to focus elsewhere until "normality" returns.
Know yourself, Know your Enemy, 100 Victories.
Due to current market positions I have taken cash over the trading account for now.
Will focus on working so that I can pay tuition cash.
Markets are very unforgiving right now, nickles and dimes. As I cant see anyone taking long term positions in this market, and I am a positional trader, it is in my best interests to focus elsewhere until "normality" returns.
Know yourself, Know your Enemy, 100 Victories.
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