Good Morning (Evening)!
I don't know what's going on with the markets in general - it seems like everyone has gone to sleep after last weeks action! It was not even worth staying up until midnight tonight to adjust stops and check for new positions or to stop and reverse positions! Even the Dow has been in a tight range this week so far! It's killing me - especially after last weeks euphoria! Is there a big announcement or something coming for somewhere that I don't know about?
Anyway - plodding along:
Wednesday, 22/08/2007
18h29 New York Time
00h29 South African Time
01h29 Bulgarian Time
Valid Parabolic SAR Entry Points (Daily Charts):
EUR/ZAR - Short *
GBP/NZD - Short
Parabolic SAR Watch List (Daily Charts):
EUR/NZD
EUR/SEK
GBP/AUD
GBP/JPY
GBP/USD
NZD/CAD
NZD/CHF
NZD/JPY
NZD/USD
* REALLY not happy with this entry at the moment i.e. China raised interest rates again yesterday and this normally results in the Gold price going down and the ZAR therefore weakening against almost everything else BUT let's see what happens.
You will notice that although the Parabolic SAR Watch List is becoming shorter (the price of pairs listed the previous day has continued to move away from a reversal point) a few of the pairs keep coming up on this list so I'm hoping that some nice reversals are on their way.
You will notice that in a previous message (yesterday morning early) I was jumping up and down with excitement as there were a few pairs where I thought that a valid Parabolic SAR Entry Point was about to appear and was even thinking of second guessing the indicator in order to get in early. I am mentioning this because a few months ago I would have second guessed the indicator and would now be sitting with and carrying huge losses. Now I know better. The point I'm trying to make: NEVER TRY TO SECOND GUESS THIS INDICATOR!!! At best case - you'll carry losses with you for a while - assuming you don't get stopped out. At worst case - you'll get stopped out and lose a whole lot of money unecessarily. Been there - done it - got the t-shirt!!!
Good trading.
Goodnight.
Regards,
Dale.
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