It is 3.00am NY time Thursday January 7 and the market is at 1.4387.
My Sell trade at 1.4400 is currently in profit.
However, my entry was so bad that it would have won an award for the worst entry of 2010..... LOL ... The market instantly shot up after I placed the trade and within 30 minutes of me opening the trade it was 46 pips higher.
On the bright side, EVERY one of you had the opportunity to enter at a better price than me. So if or when I make a profit on this trade, each of you will have made more pips than me.
The trade currently has a 100 pip hard SL at 1.4500.
I have my charts open to 300 periods of the Daily time frame.
The Resistance line. At the present time there is no descending Resistance line of real interest. They are too short term in size. In regards to the less important horizontal Resistance lines, again, there are no horizontal Resistance lines of real interest
The Support line is found by linking up the lowest points on the Daily chart starting from 1.2460 (March 3) and 1.4257 (Jan 3) you will see that the Support line today was at 1.4290.(rounded up slightly).
The 50% Fib line The market appears to be struggling to break up to the 1.4700 mark which is the 50% fib from 1.5140 (Dec 3) to 1.4217 (Dec 21) at 1.4679 (or 1.4700 rounded).
The Daily Support line is currently at 1.4290 so I will be taking profits at 1.4300.
I will then watch to see if it is going to break the Support line or bounce off it...and make a trade accordingly.
Edit 8.00am NY time Market is at 1.4320 I have placed my orders to close my trade at 1.4300. I believe that it will try to break the Daily Support line. If it does I will be very quick in Selling it.
EVEN IF the market bounces off the Support line, I will be looking to Sell it again, because I don't think that the bounce will be very strong. (It has bounced enough times off the Support line and is getting very close to the break)
Edit 8.25am NY time I just closed my 1.4400 SELL trade at 1.4310 for a 90 pip profit. US session may take this back up. (SMSes sent 2 minutes ago). I had cancelled my orders to close at 1.4300 because I was trying to close them manually. I thought it might drop lower through 1.4300 and give us some extra pips. It ended up costing us 10 pips instead. Still a good result.
Emails
I am slowly getting through the backlog from the Christmas period. I will finish answering them over the weekend if necessary to clear the backlog. Thanks for your patience
Email 1
"The Daily Support line is currently at 1.4290 so I will be taking profits at 1.4300. I will then watch to see if it is going to break the Support line or bounce off it...and make a trade accordingly."
I have had the fib from 1.3423 (May 5, 09) to 1.5143 (Nov 25, 09) displayed since the recent bearish decline from 1.5143 and it appears that price has bounced of the 50% fib area at 1.4280 (or 1.4300 rounded) several times. Yes. It is also the area of the rising Daily Support line
Could we conclude that there is a higher probability that it will break through this time? YES..the break down is getting closer
Or does the 50% fib + support line act as a major support ? It does, so when it breaks down, it will be quick and deep
Or have you considered all these and decided to exit temporarily.Yes. I am not 100 % sure that it will not bounce again So I will just exit and then get ready to trade whichever way the market moves
What would be you entry strategy if price goes through this point ?Sell the hell out of it
Would you wait for a bounce off the bottom of the support line for confirmation Only if I missed the break down the first time because of the speed of the break or would you chase the market ? I will be watching closely for the break down. That is the better trade. EVEN IF it bounces back up, it will not bounce very high
MESSAGE FROM JACKO 519
It is 3.00am NY time Wednesday January 6 and the market is at 1.4331.
My buy trade at 1.4310 from Monday was closed at 1.4360 for a small 50 pip profit. My initial target of 1.4500 (to trigger a 1.4400 Stop Loss) was missed by 17 pips, and the price gradually decayed from there.
On the bright side, after closing the trade the price continued to decline so the decision to close the trade in early Asian trade today was the correct decision.
I am now looking for the next trade opportunity. The market has been very unsettled this morning on news that the ECB Mr Stark has stated that the EU "will not save Greece". (The Euro promptly dropped from 1.1.4350 to 1.4285 in minutes).
If you look at the Daily chart and link the lows at 1.2460 (March 3) and 1.4257 (Jan 3) you will see that the Support line today was at 1.4280. The news about Greece did not break the Support line.
I will be watching the London session for guidance but I am keen to trade again. I am watching that Support line with great interest.
Edit 8.00am NY time The market is at 1.4354 The market has dropped to the Daily support line earlier today, and bounced back up to its current levels and stayed there. The market is waiting for the ADP Non-Farm Employment numbers at 8.15am today for some direction.
Edit 8.25am NY time Market is at 1.4357 The ADP number came in worse than expected at -84k but the previous months numbers were revised downwards from -169K to -145K so the market effectively had little reaction so far
Edit 12.10pm NY time Market is at 1.4396 The market has bounced off the Support line earlier today but I am not as keen to take a counter trend trade this time. We know that a market will bounce off a Support (or Resistance) line 75% of the time, so each consecutive time it bounces makes the probability that the next time that it will break through. This counter-trend move upwards is not showing great strength.
UNLESS it shows some strength sufficient to break the previous 1.4484 high from yesterday, then a buy at this point is a high risk trade. I am keen to trade, but I am not prepared to take a trade with that high a risk.
Edit 7.00pm NY time Market is at 1.4400 As discussed in Message 517, I believe that the trend has changed and that the market is heading down in the longer term.
The market appears to be struggling to break up to the 1.4700 mark which is the 50% fib from 1.5140 (Dec 3) to 1.4217 (Dec 21) at 1.4679 (or 1.4700 rounded).
I am keen to trade again and am not prepared to wait for the 1.4700 mark.
I have decided to take another trade at the current levels. I am a SELLER at around the 1.4400 area.
Edit 7.00pm NY time I have just SOLD at 1.4400 (There will be plenty of time for you to place your trade at the 1.4400 area during the quieter Asian session)
Emails
I am still working through the huge backlog of emails. (It seems that when I took a break from answering emails over the Christmas period, some of you continued to email me some questions). I am currently working my way through them in time order from the oldest to the latest. Please be patient
MESSAGE FROM JACKO 518
It is 3.00am NY time Tuesday January 5 and the market is at 1.4455.
My buy trade at 1.4310 is continuing to look healthy.
I am continuing to let the trade play itself out. My current Stop Loss is at 1.4320 which gives me a free trade with a guaranteed 10 pips profit.
If or when the market touches 1.4500, I will move my Stop Loss to 1.4400. I am hoping for the market to move to 1.4700 area which is just above the 50% fib from 1.5140 (Dec 3) to 1.4217 (Dec 21) at 1.4679 (or 1.4700 rounded).
For the adventurous traders only : There may be some resistance at 1.4500 which may cause the market to drop marginally. A possibletrade idea is to close your trades at 1.4500 area, let the market drop say 50 pips and then buy back in. (I intend to just stay in this market and let the Stop Losses do their job).
Edit 8.00am NY time Market is at 1.4440 The market has had a drop down to as low as 1.4399, but is back up at 1.4440. I am continuing to let the trade play itself out. There is the Pending Home Sales announcement at 10.00am which may cause some market movement.
Edit 12.10pm NY time Market is at 1.4401. The 16% drop in Pending Home Sales was a shock but the market has taken it quite calmly. The market has dropped back marginally. I am continuing to let the trade play itself out.
Edit 7.00pm NY time Market is at 1.4362 Hmmm.. the market has dropped back to 1.4362. I am tempted to close and grab some pips from this trade. I am continuing to let the trade play itself out for the present time but may close if Asian trade doesn't pick up soon.
Edit 7.10pm NY time Market is looking weak in Asian trading. I have just closed my 1.4310 buy trades at 1.4360 for a small 50 pip profit. (SMSes just sent)
Emails
I am working through the huge backlog of emails. (It seems that when I took a break from answering emails over the Christmas period, some of you continued to email me some questions). I am currently working my way through them in time order from the oldest to the latest. Please be patient
MESSAGE FROM JACKO 517
It is 3.00am NY time Monday January 4 and the market is at 1.4305
Welcome back. I am very optimistic about 2010. The market is feeling very similar to the 2006 year when I had an exceptionally good year. It was the start of the turn of the trend that lasted for two and a half glorious (and very profitable) years. After the turmoil and insane volatility during the 15 months of the GFC,I am soooo ready for this years trading.
I am keen and eager to get into a trade. I am really feeling good after my Christmas break and I am ready to bite the ass off a bear.
I have been watching this market over the Christmas period and have been mildly surprised that it was not driven in one direction in the thin market. (In the back of my mind, I had thought that, since early November, China had been driving the USD up/ Euro down , so I was half expecting them to hit the market in the thin Christmas trading period). The fact that the market did not have a drive down leads me to believe that the market may have established a short term bottom at 1.4217 on Dec 22.
As discussed, in the Dec blogs, I believe that the trend has changed and that the market is heading down in the longer term.
The first long term target would be the 50% fib from 1.2886 (April 23) and 1.5144 ((Nov 23) at 1.4015 (or 1.4000 rounded down).
The second longer term target would be the 50% fib from 1.2460 (March 23) and 1.5144 (Nov 23) at 1.3802.
HOWEVER, I also believe that there will be a very short term corrective move back up to around the 1.4700 area.
We therefore have two options:
firstly wait for the market to get back up to the 1.4700 area and go short into the main trend OR
secondly to take a brave jump into the market on the long side at current levels around 1.4250 -1.4300 and ride the correction back up with a counter trend trade. (This is my current preference)
I will watch the London open but be prepared for a buy trade during the London session
Edit 3.30am NY time The market is at 1.4304 . I am a BUYER at 1.4300 (The SMSes have just been sent). I have a 100 pip fixed Stop Loss which I hope to move to break even as soon as possible
Edit 3.40am NY time Market bounced at 1.4300 Had to get the trades at an average of 1.4310
Edit 8.00am NY time Market is at 1.4398 My buy trade at 1.4310 is looking healthy with an 88 pip profit. I am about to move my Stop Loss to Break Even (+10) at 1.4320 so that I have a free trade with a minimum guaranteed profit of 10 pips. In my haste to place the trades and send the SMSes, I did not have time to finish my blog explanation of WHY I was a buyer at 1.4300. But if you look at the Daily chart and link the lows at 1.2460 (March 3) and 1.4217 (Dec 21) you will see that the Support line today was at 1.4280. I rounded to 1.4300
Edit 12.10pm NY time Market is at 1.4421 I am letting the trade play itself out. If /when the market touches 1.4500, I will move my Stop Loss to 1.4400
Edit 7.00pm NY time Market is at 1.4424 I am continuing to let the trade play itself out. If or when the market touches 1.4500, I will move my Stop Loss to 1.4400. I am hoping for the market to move to 1.4700 area which is just above the 50% fib from 1.5140 (Dec 3) to 1.4217 (Dec 21) at 1.4679 (or 1.4700 rounded)
MESSAGE FROM JACKO 516
It is 3.00am NY time Friday January 01 and the market is effectively closed
Happy New Year to each of you and your families.
I cannot believe how good and refreshed I am feeling. The lack of any real market action over the Christmas to New Year period allowed me to have a nice break from worrying about missing a significant trade opportunity. (I was initially concerned that there might have been a concerted push in one direction in the thin market but it did not occur). I am amazed at how refreshed and eager I am to get into the market action next week.
But we have not been lazy. During the break, we have some amazing changes that we want to add to the blog over the next couple of months. I think that you will really like the additional features.
The 2010 year will be an excellent trading year
My Sell trade at 1.4400 is currently in profit.
However, my entry was so bad that it would have won an award for the worst entry of 2010..... LOL ... The market instantly shot up after I placed the trade and within 30 minutes of me opening the trade it was 46 pips higher.
On the bright side, EVERY one of you had the opportunity to enter at a better price than me. So if or when I make a profit on this trade, each of you will have made more pips than me.
The trade currently has a 100 pip hard SL at 1.4500.
I have my charts open to 300 periods of the Daily time frame.
The Resistance line. At the present time there is no descending Resistance line of real interest. They are too short term in size. In regards to the less important horizontal Resistance lines, again, there are no horizontal Resistance lines of real interest
The Support line is found by linking up the lowest points on the Daily chart starting from 1.2460 (March 3) and 1.4257 (Jan 3) you will see that the Support line today was at 1.4290.(rounded up slightly).
The 50% Fib line The market appears to be struggling to break up to the 1.4700 mark which is the 50% fib from 1.5140 (Dec 3) to 1.4217 (Dec 21) at 1.4679 (or 1.4700 rounded).
The Daily Support line is currently at 1.4290 so I will be taking profits at 1.4300.
I will then watch to see if it is going to break the Support line or bounce off it...and make a trade accordingly.
Edit 8.00am NY time Market is at 1.4320 I have placed my orders to close my trade at 1.4300. I believe that it will try to break the Daily Support line. If it does I will be very quick in Selling it.
EVEN IF the market bounces off the Support line, I will be looking to Sell it again, because I don't think that the bounce will be very strong. (It has bounced enough times off the Support line and is getting very close to the break)
Edit 8.25am NY time I just closed my 1.4400 SELL trade at 1.4310 for a 90 pip profit. US session may take this back up. (SMSes sent 2 minutes ago). I had cancelled my orders to close at 1.4300 because I was trying to close them manually. I thought it might drop lower through 1.4300 and give us some extra pips. It ended up costing us 10 pips instead. Still a good result.
Emails
I am slowly getting through the backlog from the Christmas period. I will finish answering them over the weekend if necessary to clear the backlog. Thanks for your patience
Email 1
"The Daily Support line is currently at 1.4290 so I will be taking profits at 1.4300. I will then watch to see if it is going to break the Support line or bounce off it...and make a trade accordingly."
I have had the fib from 1.3423 (May 5, 09) to 1.5143 (Nov 25, 09) displayed since the recent bearish decline from 1.5143 and it appears that price has bounced of the 50% fib area at 1.4280 (or 1.4300 rounded) several times. Yes. It is also the area of the rising Daily Support line
Could we conclude that there is a higher probability that it will break through this time? YES..the break down is getting closer
Or does the 50% fib + support line act as a major support ? It does, so when it breaks down, it will be quick and deep
Or have you considered all these and decided to exit temporarily.Yes. I am not 100 % sure that it will not bounce again So I will just exit and then get ready to trade whichever way the market moves
What would be you entry strategy if price goes through this point ?Sell the hell out of it
Would you wait for a bounce off the bottom of the support line for confirmation Only if I missed the break down the first time because of the speed of the break or would you chase the market ? I will be watching closely for the break down. That is the better trade. EVEN IF it bounces back up, it will not bounce very high
MESSAGE FROM JACKO 519
It is 3.00am NY time Wednesday January 6 and the market is at 1.4331.
My buy trade at 1.4310 from Monday was closed at 1.4360 for a small 50 pip profit. My initial target of 1.4500 (to trigger a 1.4400 Stop Loss) was missed by 17 pips, and the price gradually decayed from there.
On the bright side, after closing the trade the price continued to decline so the decision to close the trade in early Asian trade today was the correct decision.
I am now looking for the next trade opportunity. The market has been very unsettled this morning on news that the ECB Mr Stark has stated that the EU "will not save Greece". (The Euro promptly dropped from 1.1.4350 to 1.4285 in minutes).
If you look at the Daily chart and link the lows at 1.2460 (March 3) and 1.4257 (Jan 3) you will see that the Support line today was at 1.4280. The news about Greece did not break the Support line.
I will be watching the London session for guidance but I am keen to trade again. I am watching that Support line with great interest.
Edit 8.00am NY time The market is at 1.4354 The market has dropped to the Daily support line earlier today, and bounced back up to its current levels and stayed there. The market is waiting for the ADP Non-Farm Employment numbers at 8.15am today for some direction.
Edit 8.25am NY time Market is at 1.4357 The ADP number came in worse than expected at -84k but the previous months numbers were revised downwards from -169K to -145K so the market effectively had little reaction so far
Edit 12.10pm NY time Market is at 1.4396 The market has bounced off the Support line earlier today but I am not as keen to take a counter trend trade this time. We know that a market will bounce off a Support (or Resistance) line 75% of the time, so each consecutive time it bounces makes the probability that the next time that it will break through. This counter-trend move upwards is not showing great strength.
UNLESS it shows some strength sufficient to break the previous 1.4484 high from yesterday, then a buy at this point is a high risk trade. I am keen to trade, but I am not prepared to take a trade with that high a risk.
Edit 7.00pm NY time Market is at 1.4400 As discussed in Message 517, I believe that the trend has changed and that the market is heading down in the longer term.
The market appears to be struggling to break up to the 1.4700 mark which is the 50% fib from 1.5140 (Dec 3) to 1.4217 (Dec 21) at 1.4679 (or 1.4700 rounded).
I am keen to trade again and am not prepared to wait for the 1.4700 mark.
I have decided to take another trade at the current levels. I am a SELLER at around the 1.4400 area.
Edit 7.00pm NY time I have just SOLD at 1.4400 (There will be plenty of time for you to place your trade at the 1.4400 area during the quieter Asian session)
Emails
I am still working through the huge backlog of emails. (It seems that when I took a break from answering emails over the Christmas period, some of you continued to email me some questions). I am currently working my way through them in time order from the oldest to the latest. Please be patient
MESSAGE FROM JACKO 518
It is 3.00am NY time Tuesday January 5 and the market is at 1.4455.
My buy trade at 1.4310 is continuing to look healthy.
I am continuing to let the trade play itself out. My current Stop Loss is at 1.4320 which gives me a free trade with a guaranteed 10 pips profit.
If or when the market touches 1.4500, I will move my Stop Loss to 1.4400. I am hoping for the market to move to 1.4700 area which is just above the 50% fib from 1.5140 (Dec 3) to 1.4217 (Dec 21) at 1.4679 (or 1.4700 rounded).
For the adventurous traders only : There may be some resistance at 1.4500 which may cause the market to drop marginally. A possibletrade idea is to close your trades at 1.4500 area, let the market drop say 50 pips and then buy back in. (I intend to just stay in this market and let the Stop Losses do their job).
Edit 8.00am NY time Market is at 1.4440 The market has had a drop down to as low as 1.4399, but is back up at 1.4440. I am continuing to let the trade play itself out. There is the Pending Home Sales announcement at 10.00am which may cause some market movement.
Edit 12.10pm NY time Market is at 1.4401. The 16% drop in Pending Home Sales was a shock but the market has taken it quite calmly. The market has dropped back marginally. I am continuing to let the trade play itself out.
Edit 7.00pm NY time Market is at 1.4362 Hmmm.. the market has dropped back to 1.4362. I am tempted to close and grab some pips from this trade. I am continuing to let the trade play itself out for the present time but may close if Asian trade doesn't pick up soon.
Edit 7.10pm NY time Market is looking weak in Asian trading. I have just closed my 1.4310 buy trades at 1.4360 for a small 50 pip profit. (SMSes just sent)
Emails
I am working through the huge backlog of emails. (It seems that when I took a break from answering emails over the Christmas period, some of you continued to email me some questions). I am currently working my way through them in time order from the oldest to the latest. Please be patient
MESSAGE FROM JACKO 517
It is 3.00am NY time Monday January 4 and the market is at 1.4305
Welcome back. I am very optimistic about 2010. The market is feeling very similar to the 2006 year when I had an exceptionally good year. It was the start of the turn of the trend that lasted for two and a half glorious (and very profitable) years. After the turmoil and insane volatility during the 15 months of the GFC,I am soooo ready for this years trading.
I am keen and eager to get into a trade. I am really feeling good after my Christmas break and I am ready to bite the ass off a bear.
I have been watching this market over the Christmas period and have been mildly surprised that it was not driven in one direction in the thin market. (In the back of my mind, I had thought that, since early November, China had been driving the USD up/ Euro down , so I was half expecting them to hit the market in the thin Christmas trading period). The fact that the market did not have a drive down leads me to believe that the market may have established a short term bottom at 1.4217 on Dec 22.
As discussed, in the Dec blogs, I believe that the trend has changed and that the market is heading down in the longer term.
The first long term target would be the 50% fib from 1.2886 (April 23) and 1.5144 ((Nov 23) at 1.4015 (or 1.4000 rounded down).
The second longer term target would be the 50% fib from 1.2460 (March 23) and 1.5144 (Nov 23) at 1.3802.
HOWEVER, I also believe that there will be a very short term corrective move back up to around the 1.4700 area.
We therefore have two options:
firstly wait for the market to get back up to the 1.4700 area and go short into the main trend OR
secondly to take a brave jump into the market on the long side at current levels around 1.4250 -1.4300 and ride the correction back up with a counter trend trade. (This is my current preference)
I will watch the London open but be prepared for a buy trade during the London session
Edit 3.30am NY time The market is at 1.4304 . I am a BUYER at 1.4300 (The SMSes have just been sent). I have a 100 pip fixed Stop Loss which I hope to move to break even as soon as possible
Edit 3.40am NY time Market bounced at 1.4300 Had to get the trades at an average of 1.4310
Edit 8.00am NY time Market is at 1.4398 My buy trade at 1.4310 is looking healthy with an 88 pip profit. I am about to move my Stop Loss to Break Even (+10) at 1.4320 so that I have a free trade with a minimum guaranteed profit of 10 pips. In my haste to place the trades and send the SMSes, I did not have time to finish my blog explanation of WHY I was a buyer at 1.4300. But if you look at the Daily chart and link the lows at 1.2460 (March 3) and 1.4217 (Dec 21) you will see that the Support line today was at 1.4280. I rounded to 1.4300
Edit 12.10pm NY time Market is at 1.4421 I am letting the trade play itself out. If /when the market touches 1.4500, I will move my Stop Loss to 1.4400
Edit 7.00pm NY time Market is at 1.4424 I am continuing to let the trade play itself out. If or when the market touches 1.4500, I will move my Stop Loss to 1.4400. I am hoping for the market to move to 1.4700 area which is just above the 50% fib from 1.5140 (Dec 3) to 1.4217 (Dec 21) at 1.4679 (or 1.4700 rounded)
MESSAGE FROM JACKO 516
It is 3.00am NY time Friday January 01 and the market is effectively closed
Happy New Year to each of you and your families.
I cannot believe how good and refreshed I am feeling. The lack of any real market action over the Christmas to New Year period allowed me to have a nice break from worrying about missing a significant trade opportunity. (I was initially concerned that there might have been a concerted push in one direction in the thin market but it did not occur). I am amazed at how refreshed and eager I am to get into the market action next week.
But we have not been lazy. During the break, we have some amazing changes that we want to add to the blog over the next couple of months. I think that you will really like the additional features.
The 2010 year will be an excellent trading year
TUESDAY, DECEMBER 1, 2009
MESSAGES FROM JACKO (December 2009)
MESSAGE FROM JACKO 515
It is 3.00am NY time Wednesday December 23 and the market is at 1.4258
The market is really thin. I am now just in a casual watching mode of this market. Unless it moves back up to my 1.4700 sell zone or I see an extraordinary signal for a trade, I will be on the sidelines for the next couple of days.
MERRY CHRISTMAS to each of you and your families.
Mrs Jackson and I (and the rest of the team here) wish you all peace, love and goodwill to each of you over this Christmas period
Emails (see Message 507)
I will answer emails again from January 4, 2010.
MESSAGE FROM JACKO 514
It is 3.00am NY time Tuesday December 22 and the market is at 1.4322
The market is really thinning out as we get closer to Christmas. The market is still trading in the 1.4270-1.4350 range that it has been in for the last four days. I still am basing my trading strategy on the expectation that the market will pullback up to the 1.4700+ area where I will place some long term shorts. And I think it will happen quicker than most people expect.
Edit 8.00am NY time Market is at 1.4270 The market is at the very low end of the range again and is looking weak again. We may see this market go lower again today. The brokers are telling us that the trading is ultra light.
Edit 12.15pm NY time Market is at 1.4260 The market has dropped below the 1.4270 lower limit of the range but is moving straight back up into it again.
Edit 7.00pm NY time Market is at 1.4254 The market is really thin. I am now just in a casual watching mode of this market. Unless it moves back up to my 1.4700 sell zone or I see an extraordinarysignal for a trade, I will be on the sidelines.
MESSAGE FROM JACKO 513
It is 3.00am NY time Monday December 21 and the market is at 1.4325
The market has been very thin in Asian trading, but the London and NY sessions should add some volume and give us a better indication of the direction for the week. I am still holding for a pullback to the near the 50% fib.
Edit 8.00am NY time Market is at 1.4360 We may finally have seen the turn up in the market from the lows of just under 1.4300. Hopefully, the market will now move back in the next couple of days to around the 1.4700+ area so we can get our longer term shorts in place.
Edit 12.10pm NY time Market is at 1.4328 The market has see-sawed back down but stayed within range.
Edit 6.25pm NY time Market is at 1.4272 The market is back at the lower area of the 1.4270-1.4350 range that it has been in for the last three days. It is looking weak again.
It is 3.00am NY time Wednesday December 23 and the market is at 1.4258
The market is really thin. I am now just in a casual watching mode of this market. Unless it moves back up to my 1.4700 sell zone or I see an extraordinary signal for a trade, I will be on the sidelines for the next couple of days.
MERRY CHRISTMAS to each of you and your families.
Mrs Jackson and I (and the rest of the team here) wish you all peace, love and goodwill to each of you over this Christmas period
Emails (see Message 507)
I will answer emails again from January 4, 2010.
MESSAGE FROM JACKO 514
It is 3.00am NY time Tuesday December 22 and the market is at 1.4322
The market is really thinning out as we get closer to Christmas. The market is still trading in the 1.4270-1.4350 range that it has been in for the last four days. I still am basing my trading strategy on the expectation that the market will pullback up to the 1.4700+ area where I will place some long term shorts. And I think it will happen quicker than most people expect.
Edit 8.00am NY time Market is at 1.4270 The market is at the very low end of the range again and is looking weak again. We may see this market go lower again today. The brokers are telling us that the trading is ultra light.
Edit 12.15pm NY time Market is at 1.4260 The market has dropped below the 1.4270 lower limit of the range but is moving straight back up into it again.
Edit 7.00pm NY time Market is at 1.4254 The market is really thin. I am now just in a casual watching mode of this market. Unless it moves back up to my 1.4700 sell zone or I see an extraordinarysignal for a trade, I will be on the sidelines.
MESSAGE FROM JACKO 513
It is 3.00am NY time Monday December 21 and the market is at 1.4325
The market has been very thin in Asian trading, but the London and NY sessions should add some volume and give us a better indication of the direction for the week. I am still holding for a pullback to the near the 50% fib.
Edit 8.00am NY time Market is at 1.4360 We may finally have seen the turn up in the market from the lows of just under 1.4300. Hopefully, the market will now move back in the next couple of days to around the 1.4700+ area so we can get our longer term shorts in place.
Edit 12.10pm NY time Market is at 1.4328 The market has see-sawed back down but stayed within range.
Edit 6.25pm NY time Market is at 1.4272 The market is back at the lower area of the 1.4270-1.4350 range that it has been in for the last three days. It is looking weak again.
