Posted by Robert Rother Wed, 24 Oct 2007 06:25:00 GMT
Target 0.9820. Stop 0.9625
USD/CAD is at the lower band of a short-term trading range. I think there is an upward potential. Also the USD is looking stronger on the short-term view. I was wrong with my prior prediction. Now lets see if I can reduce my losses from today.
Posted by Robert Rother Wed, 24 Oct 2007 06:08:00 GMT
All positions are closed. The account balance is now 198 EUR. I have to wait and see what the market will do.
Updates will follow later or tomorrow.
Posted by Robert Rother Wed, 24 Oct 2007 05:50:00 GMT
The market dropped to the lower support range at 1.423. I added one more long @ 1.42339. If the market will break below 1.423 I am out.Posted by Robert Rother Wed, 24 Oct 2007 05:04:00 GMT
The EUR/USD head back to 1.425. I am still long since 1.4146 and I bought another contract at 1.4350. The market is strong around this level. The account is up to around 290 EUR. It seems to be that we will see new highs soon. The main trend is still Ok. Also the short-term view is up.
Below in the chart you find a resistance zone around 1.4315 to 14350. I think the market will go in this direction during the next days, which means that I will increase my long positions again. I placed a long entry order at 1.4280 for one contract. This is 1 pip over yesterdays high. If the market goes through this level then we will see 1.4315 shortly.
Posted by Robert Rother Tue, 23 Oct 2007 05:32:00 GMT
Yesterdays EUR/USD drop hit my account balance massively. I just added new positions to my other longs. I was watching all the time the quotes on my second computer and it seemed to be quite good on Monday morning. The EUR made a new high at 1.4350 and opened with a gap. Later the gap closed, what I expected, and I bought new positions around 1.43. I thought it would be a quite day, but if you don’t expect anything, it is getting worse.
The nightmare started with a low at 1.4125 in just a few hours. It was the largest EUR/USD spread since June 2006 from 1.435 to 1.4125. (Please correct me if I am wrong) EUR/USD lost over 200 pips in a few hours. All my positions got step by step a margin call and I ended up with just 150 USD left in my account. This happens if you over leverage your balance. What a terrible day, the only positive thing is that it is just my playing account. I knew that I have to take high risks if I want to win the contest. But now I got hit. Anyway it is not the end of the world.
I am still optimistic for the EUR and a USD weakness on the long run. This is why I bought 2 mini contracts at 1.4146 again. The EUR/USD trades at 1.421 right now, which gave me a little plus. Account balance is around 249 EUR right now.
Now: Back to the basics and build up the balance again!
Posted by Robert Rother Fri, 19 Oct 2007 04:25:00 GMT
I wrote a couple days ago that I am long in EUR/USD since 1.37. I added more positions at 1.41 to increase my positions. This morning (HK Time) the market went over 1.43 again. This weekend is the G7 meeting, so I don’t think that there will be big moves today.
On dailyfx.com they have in their member area a great sentiment index, which shows how many traders are long or short in a special market. In EUR/USD 75% of the traders are short. What will happen if they have to cover their positions? Most of them have a big minus on their account. They are increasing their shorts right now to get a better entry for their positions. But the EUR/USD doesn’t seem to care too much. The market is going slowly step-by-step up. If the losses are getting too big, the traders have to cut their losses, then we will see a run of 100-200 pips in short time, which means EUR/USD 1.45. My target for next week!
Talk to u soon!
Posted by Robert Rother Thu, 11 Oct 2007 02:21:00 GMT
I had a meeting with a client in Hong Kong over one month ago and we were talking about jewelry television sales. My client is in this business. Jewelry television and online sales are the fastest growing jewelry markets in the western world.
Then I asked myself why not starting my own channel. I don’t have to publish it in real TV right now, but an Internet TV Channel should not be too complicated. I have all the recourses in China. The set up investment isn’t too high. So lets try it…
All kids on YouTube producing videos: Why not me?
After I started brainstorming I figured out that a 24/7 TV Channel is too complex right now. Also in China I don’t have anyone who can speak English. My English isn’t good enough as well, but worse is, if I would be on television no one would buy any jewelry at all. But these problems are solvable and actually very easy. I am living in one of the fastest growing countries on this planet with a population of 1.3 billion people and everyone can speak Chinese. The conclusion is easy why not doing it for the Chinese market. Here are enough beautiful girls who can act as models. They are sweet.
No worries to all English and German speaking jewelry lovers out there. The site will also have a English and German page with videos and nice models wearing jewelry.
Daily updates!
Posted by Robert Rother Thu, 11 Oct 2007 02:19:00 GMT
Regarding King of the Mini trading: I had not enough time to post regularly trades. Also I didn’t trade too much. I am long in EUR/USD since 1.37 and I will keep this position for a longer time. I think 1.5 could be reached during the next month. My trading has a longer time frame now, because I am too busy.
Posted by Robert Rother Thu, 11 Oct 2007 02:16:00 GMT
Since the start of this blog not much happened. I am sorry about this, but after the posts I became very busy. I think it was because of the end of the summer holiday season. My jewelry company got 2 new important clients and they started to order larger quantities. This takes a lot of preparation and is time consuming. But it is not bad.
Posted by Robert Rother Tue, 07 Aug 2007 18:07:00 GMT
I was born in Germany and my native language is German. At school I hated language subjects, but I had to learn Basic English and Latin. The last one wasn’t really successful, but it gave me a good understanding where words came from.
My sentence structure, grammar and mistakes are many times too obvious. I am trying to improve my English day by day. Right now I am living in China and this doesn’t improve my English very much. The way how to communicate in China is a bit more back to the real basics. For example: If I want to ask one of my employees if a certain task is already completed, then I would probably ask: Did you finish your task”? By the way they would never answer no, but this is another Chinese culture problem. In their eyes I can see, that they just don’t understand me. If I said: Finish task? Then it works. This doesn’t improve my English skills.
I apologizes for this. I know how annoying it is if I read simple and worse written German website or emails. This is not attractive.
If you find spelling, grammar or structure mistakes or if you think the whole text isn’t like English, then you are welcome to correct this. You will be rewarded for this.
Since you visit my blog you maybe found out that I am the owner of a jewellery (British English) company. For every correction of my English text I will send to you a very beautiful 925 sterling silver jewellery piece. You can choose from our collection. We have men and ladies rings with or without cz stones. These items have an approximately retail value of 60-90 USD.
Please send an email to: robert.rother at gmail.com – Subject: English corrections
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