Big Market sell off....Buying all the plays
Today we saw a massive sell off, with the Euro crashing over 330 pips, the SnP dropping close to 2%, Gold & Silver seeing and 2% and 4% drops respectively, and Crude Oil down over 5.5% at one point.
Today we saw panic selling. It is on these days that one has to take swing positions, and wait till sentiment reaches the other extreme to liquidate.. The 'News' on Crude oil, i.e: the reason being given for the drop is being attributed to the International Energy Agency releasing 60 million barrels of oil to make up for a loss in Libyan Oil exports.
Of course, proper traders know that this is rubbish. Oil was going to hit its target of $ 89.6 one way or another, and it was posted here just a few days ago..Click on this link, then see the chart.
Another trade mentioned, regarding the GBP/CHF play has reached maturity. I believe people who buy this cross, and allow it room to breath (100 pip stop) can see big gains in the weeks ahead. The Target in the post was 1.3260, but i think it is buyable right here at 1.3360, with a target of no less than 1,000 pips.
The Euro, i mentioned last week that it had bottomed out at 1.4072, and im sticking with that view . I am still very much in favour of going long the Euro, and believe 1.4112-1.4140 should be enough to hold this move, and see it reverse. The bigger picture 'technically on the Euro', is beginning to show a triangle, which is usually a continuation pattern. If that is the case, expect the Euro to break 1.5 in the next month or so.
Today we saw panic selling. It is on these days that one has to take swing positions, and wait till sentiment reaches the other extreme to liquidate.. The 'News' on Crude oil, i.e: the reason being given for the drop is being attributed to the International Energy Agency releasing 60 million barrels of oil to make up for a loss in Libyan Oil exports.
Of course, proper traders know that this is rubbish. Oil was going to hit its target of $ 89.6 one way or another, and it was posted here just a few days ago..Click on this link, then see the chart.
Another trade mentioned, regarding the GBP/CHF play has reached maturity. I believe people who buy this cross, and allow it room to breath (100 pip stop) can see big gains in the weeks ahead. The Target in the post was 1.3260, but i think it is buyable right here at 1.3360, with a target of no less than 1,000 pips.
The Euro, i mentioned last week that it had bottomed out at 1.4072, and im sticking with that view . I am still very much in favour of going long the Euro, and believe 1.4112-1.4140 should be enough to hold this move, and see it reverse. The bigger picture 'technically on the Euro', is beginning to show a triangle, which is usually a continuation pattern. If that is the case, expect the Euro to break 1.5 in the next month or so.
posted by Sam @ 8:38 AM
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