A Honest journal

CNBC came with a article about China cutting short America's credit card.

LOL! Thats a funny way of looking at America because if the USA stops buying from China their economy will collapse. So lets say that they really stop buying our bonds. All the government has to do is two things: Impose some pretty heavy tax on Chinese products, than start to tax the American companies that do business in China. thats it.

The area of China is around the same size of the USA. But they has 1.3 billion people we have a little over 300 million.

If you put on the equation GDP, infra structure, and agriculture china is close to a 3rd world compared to America or Europe.

It tells you something about who is in a better situation to face a world crisis.

The Chinese are not stupid to face America in this game. they know that if they realy piss off America they will lose a lot more than gain.

This is all talk, they will keep buying our bonds. their people are under a communist regime. the biggest part of their population live in sub-human conditions, so the people buying hummers over there are just a few.

Over all America is in better shape, we do have problems but we will emerge stronger. Even stronger than Europe.

4193 held beautifully only 15 pips and change from the session low. It means that my SL would not be hit and the move would be goo for 142 pips.

Too bad it is out of my trading window😕

I think USA has made a lot of mistakes in the past few decades.
1. It was bad idea to move manufacturing and think that it is post industrial world and USA can keep her position by moving high tech and services. Manufacturing is a foundation of everything.

2. Constantly reducing taxes while increasing expenditures.
USA has dig pretty deep hole by now. I have no idea how this will play out especially with the kind of leadership USA has got and the governing system of check and balances which is fine in normal times but it is not normal times. Deciusions must be made quickly and enforced without delay. This ineffectiveness already will cost USA few trillion bucks more in interest due to recent downgrade.

3. Looking for cheaper labor let China rise. By itself China would have never risen cause no one needed anything Chinese used to make. It is West that moved investments into China to benefit from lower wages and non existent work place safety.
As a result not only manufacturing base back at home got dismantled, USA practically brought in existence great foe for everything starting from resources to influence. It is because there was no political leadership which had long term plans and views and capital just cannot think beyond returns on investment.


This situation reminds me of great fable by Russian writer of 19th century Alexander Pushkin.
It is called: 'СКАЗКА О ПОПЕ И О РАБОТНИКЕ ЕГО БАЛДЕ'
In short it is about greedy rich clergyman and poor common folk man named Balda.
Clergyman was looking for cheap labor and got himself Balda who asked for one thing. He would work for free for one year only for food but at the end of the year his pay would be 3 strokes by finger to clergyman's head.
Clergyman thought it would be cheap, but there is stroke and there is stroke and strokes might be different...
In the end he ended badly.
The moral of the fable is that one should not always seek stuff that looks cheap cause it might be cheap for a reason.

Just woke up. Over working on my remodeling project is killing me😕

Looking at the charts I can see that I got not one but TWO signals. The last one exactly at 4365 which would bring me 140 pips so far.

Well there is a reason why I can't call myself a 'pro' yet.

Parallel activities can really mess you up as a trader, at least in my case!

Lets see if I can find any more entries today.

Looking more carefully at the charts, I can see that the Asian top was respected Almost to the pip, 1.4397. What a shame! If I was awake there's a big probability that I would have taken the trade.

This channel has being a pretty nice guideline. No signals from it ( beyond intra day is a no no) just a overall idea of price. Any decided break up or down can be very important

Managed to get in at 4167. thats a high risk trade currently at +18 i will not let it go against me +5 is the maximum than I'm out.

Long or short?

I'm long Chikot. I'm still holding it beyond my +5 mental stop. I shouldn't but my strategy accounts for -20 pips and anything before that is discretionary so 😕

My entry is at 4167 which is a good spot. if it takes the bottom i will get out for -10 or so pips. lets see. I believe that the bottom will hold since London is out and the traders here may take some profit off the table.

<a target='_blank' title='ImageShack - Image And Video Hosting' href='/'><img src='' border='0'/></a>

Uploaded with <a target='_blank' href='https://imageshack.us'>ImageShack.us</a>

here is what I see. you are in triangle after trend line got broken so it is consolidation. it might work as there is support.
I used to take those trades in similar triangles but completely stopped doing it. very heart breaking and stressful. I like to wait when it breaks.
you also entered at the very edge. so, not much risk

I'm playing with the possibility that the bottom will hold for now and another trip to 1.42 so i can take a 30 something pip profit.

Otherwise I'm getting out around -10 I'm not risking anymore if the bottom gets chalanged

I'm also expecting the BOJ to pull another quick one since USD/JPY is flirting with all time lows. This can bring EUR/USD up a bit.

One of the reason I stopped trading currencies are these constant news. I have no understanding of fundamentals influence upon currencies and tended to trade at night London open as there is no news at the time. But now, due to my working schedule I cannot get up as early and leave earlier . No time for currencies as these trades can last a long time. Moved to oil due to all this.

Ok 4190 will do it for now, out for+23 pips. I'm gonna takea break from remodeling today so maybe tomorrow I will be less tired and ready to trade

Chikot posted:
    One of the reason I stopped trading currencies are these constant news. I have no understanding of fundamentals influence upon currencies and tended to trade at night London open as there is no news at the time. But now, due to my working schedule I cannot get up as early and leave earlier . No time for currencies as these trades can last a long time. Moved to oil due to all this.

On my view fundamentals are just like technical, they give you a possibility not certainties. I'm still to see somebody that gets fundamentals properly 😁!

Oil, currencies, indexes, etc I see them all the same. A chart!

 Thats all it is. I'm watching indexes lately (the minis) because with threats to end retail forex in america I may find myself having to trade something else.

I'm currently positive 38 pips on my week. 22 behind but if tomorrow I manage to have enough focus to take the right trade and stay on it till I actuality have a signal to get out I may make over 40 pips which will put me right back on track.

Lets see!

I see. I noticed that not all foreign brokers accept Americans. I am not sure but US citizens cannot open account with FXPrimus.

Analyzing the trade I took today. The entry was spot on, but since it was a high risk trade and since I woke up late and was tired and disperse, I ended up taking a early exit.

when a mistake happens it has the tendency to lead you to other mistakes ( at least for me) my early exit costed me the possibility of being current with my weekly goal.

I'm aware of the fact that before i get a few things done here around the house I'm not gonna be able to trade professionally. I thought about stopping treading for good until I finish everything I have to do but than I will lose contact with the market and may spend a good deal of time getting it back.

I guess I just have to accept that I'm behind on my schedule and that I will only be able to trade the way i want in september.

Thats frustrating but it is what it is.