MARKET UPDATE 3
CLICK LINK FOR VIDEO UPDATE...
CHEERS, JERRY
JERRY@FOREXTRADINGMAJIC.COM
JERRYJSTEW@YAHOO.COMThursday, March 3, 2011
MARKET UPDATE 2
CLICK LINK FOR VIDEO UPDATE
CHEERS,JERRY
JERRY@FOREXTRADINGMAJIC.COM
JERRYJSTEW@YAHOO.COMMARKET UPDATE 1
All I can say is DAMN!!! I have just witnessed one of the most beautiful stop-hunts I've seen in a while. The shear mechanistic precision is almost makes evil become beautiful due to outright perfection.
If you didn't notice, the markets did nothing last night during the Asian and London sessions because all the players were waiting for the u.s. jobless claims.
We all know that the U.S. initial jobless claims are one of the biggest market moving reports. Last night I sent you a couple of trades based on the daily charts because I anticipated a big move due to the report and like I always say, any suprises come in the direction of the trend.
AND THAT'S EXACTLY WHAT HAPPENED! I will typically wait until 1 hr after the news to let things shake out. We did not get the pullback to the levels I anticipated so we did not get filled so we will cancel the trade/s.
For those not on my list, we wanted to get long on a pullback to 1.3806 and 1.3780. We only got a pullback to 1.3731 so we did not get our fill. But pay attention that we were looking to enter in the direction of the trend so, shorts were not in order. Here is the most important thing to remember in situations like this when you didn't get filled. YOU DID NOT LOSE MONEY!
However, I don't want you to get it twisted. I am relating to you in the context of the daily signal I sent out last night. But our intraday Lcm techniques gave us very nice buy signals from our 15 MIN CYCLE TRADE, and our LCM UNPLUGGED techniques. So, if you are my registered student looking for intraday signals, there is no question we got long signals.
But here is the main lesson. I don't see this upmove as anything but a stop hunt. And if you were trading Lcm intraday you were dancing with wolves instead of being eaten by them. I feel that if you're still in you are out of your mind and even more so if you are looking to go long at the moment. Why is that?
The u.s. data was very favorable for the dollar. Unemployment went down greater than expected and this is strength to the dollar. But instead, the market went in favor of the Euro! So, I'm thinking short not long.
I'm curious to see what bullshit excuse comes from the talking heads as to why the eur/usd went crazy in the wrong direction. It will be some convoluted bullshit that always comes after they have stolen your money.
But then again, the only ones who get their money taken in these situations is the uneducated retail trader who thinks he/she can just jump into the market and trade some ( hit a quick lick system ). The market is a jungle and if you go into the jungle ( lion country ) without a gun or some form of protection and you get eaten by lions, all will feel sympathy for you but, they will also call you a fool and many would say you deserve to get eaten. Your education is your gun people...an educated person knows where the lions are so he/she can stay clear of them. A fool doesn't even know the lions exist.
If you are my student or you have been paying attention to this blog you shouldn't be suprised when I say that the news gives the operators a chance to clear out the stops before moving in the true direction. I will come back later with a video update to bring more clarity to what I'm saying in this post.
But hey, I could be wrong but, click the link below and then email me and tell me why euro got stronger and not weaker...
CHEER, JERRY
JERRY@FOREXTRADINGMAJIC.COM
JERRYJSTEW@YAHOO.COM
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