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Thursday, June 19, 2008

Stock maket trading, Forex trading ( currency trading ) June 19, 2008

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Stock maket trading, Forex trading ( currency trading ) June 19, 2008

Traders and investors,

The message I explained yesterday and the day before remains intact.

1. Currencies; As I told you yesterday EUR/JPY was on the verge of heading south, and today it did. The shorting level were great. If you entered like I wrote in the previous post, you must have made 100 pips. I still have parts of my position, and I I will play it on short side, and will share with you my trades as soon as I can.

2. I will not go long the stock market. One should either step on the side, or short the stock market. I only short the indices Nasdag 100, and russell 2000 (although I am short recent days only the Nasdqq 100). If you play it short, always wait for bounces before shorting.

3. I am holding to my short position.

Proper shorting places are:

1. Nasdaq 100 (until noon time): 1960 (assuming a failure on an up move. (I have some other things to attend to, but if I am there when it happens I will post it to you immediately. So stay tuned).
2. EUR/JPY: I am playing it on short side again starting at 167.28 area.

Consider the nasdaq 100 guilty (for long side) until proven innocent. So, fishing for bottom can be very expensive (even for the extremely skill because up moves are smaller and slower than down moves which are large and fast. (Fear is more powerful than greed).

Update 1:

If you are hungry to go short, and can scale in, NDX at 1953 to 1954 is a candidate for shorting. It has been touched at 10:37AM, and should be restested. You can try it on the restest.

10:53AM: NDX is at 1957: Good shorting point even if not at 1960.

Update 2:

At 11:05: NDX touched 1960 and retreated. Precisely the price level that my calculations told me where one should sell short.

It has retreated 16 points real fast, which confirms to you, dear reader, that when a market goes down it goes fast. I wrote that earlier in this post. Reread the post.

Happy trading


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Happy trading,

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