You coudl get a loss leader here. OR
you could go short here. OR
you could wait to get in long LOWER.
Just looking at the chart. It is obvious to me that I could get a loss leader here and make it work. I could also go short and be patient and hold it and pay rollover if need be tomorrow. It is coming down for a retrace assured.
The smarter thing to do is to wait and get long in the dip.
It is all about the oil though. And with recent dips in oil you can count on a rebound back up in oil. As to weather or not oil affects G vs J remains to be seen.
Last fall I called at 212.00 to get in with a loss leader. So here certainly 211.50 can be in the cards for bottoom support, heck it may not get below 212.00 before we get the next leg up.
She could trick us alltogether and RUN up without a retrace. But my money long is not even getting in here with a loss leader. Nor is my money getting in short, although I am sure SHE is going to run down eventually at least to 213.00 which also may be a good place to get a loss leader.
The thing about the loss leader is that it gives you an interest in the market. After this your focus HAS to be to scale down widely at least initially to avoid TMTH.
FXSOL is having a contest for most %age equity increase. So I have set my account up with 600.00 minimum for the contest is 500. Obviously those at 500 have an advantage as it is easier to increase equity on a smaller amount than it is on a larger amount. Anyways enrollment is automatic and you have until August 8th to fund your account.
Also at fxsol if you refer a friend who opens an account and funds with $1000,
after so many RT trades you get a $150 referral fee. I have one of these in the works with someone NOT from here. I am not using this thread to gain referrals for fxsol, merely telling people so they can do it if they have friends outside of babypips that may be interested in forex.
I think everyone should trade forex
Forex is certainly more exciting than fixing broken networks, computers and whatever else people are always breaking and needing fixed. I sold my old refrigerator for $40!
Too bad the guy didnt come when we were only asking $20! It ewasn't until we raised the price for the frig (to $50) on the newer craigslist-listing that he called. We gave him $10 for gas to come pick it up.
So I say go short (CAREFULLY) or wait to get in at least down around 213.00 and hope the bus does not leave without you as: As sure as she will run down from here she will make a u-turn and run back up into 214.50/60
and from there it is wide open into like 216 or something. Once you pass 215,
she will really be burning some rubber. Anyways I need to draw some fibs LT MT and ST and wait and see how she acts at 4PM EDT when it opens here for me. If she is hung over she may just idle in the hummer. She may be angry and tear out North for all I know. Until she wakes up we will not know.