This is my chart.
There are many others like it, but this one is mine.
My chart is my best friend. It is my life. I must master it as I must master my life.
Without me, my chart is useless. Without my chart, I am useless.
I must draw my trendlines true. I must trade better than my enemy, who is trying to take my money. I must take his money before he takes mine. I will. Before God I swear this creed: my chart and myself are defenders of my portfolio, we are the masters of our enemies, we are the saviors of my buying power.
So be it, until there are no bulls, but peace. Amen.
Years ago, I tried my hand at forex trading. It can be alluring since, with 100x leverage, one can accrue amazing profits very quickly. Of course, what typically happens – and what happened with me – is that one can also blow one’s entire account up very quickly too. The combination of quick swings and lots of leverage can be lethal.
Looking at today’s EUR/USD action – – even just for the past few hours – – reminds me how little I miss FX trading and how I will never, ever return to it.
The channel I posted on twitter last Thursday is still going strong. I gave the target area as 1538-40 yesterday morning and the low was 1539. As with the previous six reversals within this channel the reversal was signaled with 15min RSI divergence so we are back on a buy signal today: