The not so weak week,.
Well this week has certainly not delivered what I had hoped for. I was looking at the pair to make a steep rise and then a steep fall. WRONG!
My entry into this position at .9015 left me with a feeling of “Mumphf” .
(for those unaccustomed the word “Mumphf” please see definition below)
When I looked at the chart indicators further a feeling of extreme Mumphf ensued, but I decided to stay in the trade and continue with my gut on this. I added again to my position when the price reached .9085 on Friday. I have berated myself a little for looking too much at the fundamentals as I saw them and getting caught in “Trading the News”. When I looked further into the Ozzie employment numbers, the numbers showed that all the “gains” in the index had been through part-time employees . If you take out the part-timers you get an actual decrease in employment of 7,500 according to the news wires anyway….
Now the good news, in looking at the day/week chart we are at critical resistance level of 61.8 fib. A sustained break above this level should take it to the 100% (around .9350) and to me, would look like a true double top and cause a catastrophic failure ( Sorry for the melodrama but so seldom get to use that in a sentence) and what I see as a possible major trend reversal…
Bottom line is that this is going to turn into a position trade as opposed to a swing trade and I’m in it until the end…or a break above .9350
Merriam-Webster Dictionary
Definition- Mumphf
Pronunciation/ Mum-ff/
Function- adverb
To cause nausea or disgust:
1. That feeling you get whilst hugging the porcelain god right before you “heaver” after drinking eight pints and twelve shots at the pub.
2. That feeling you get right after a “heaver” when you notice your actually in the ladies lieu and not the gents.
3. That even worse feeling you get when you’ve realized you never made it off the barstool in the first place.
Last edited by jimbospeed; 02-16-2008 at 06:41 PM.
|
Linear Mode
