Currency trade

Successful currency trade

I have little to write about at present. It is a waiting game. The Dow crawls along the top of that wedge I drew a few days ago. It keeps threatening to move to the bottom edge but there are still too many buyers and the attempts to fall fail. I continue to keep my powder dry. The small volume spike is encouraging but far too small to suggest that capitulation has arrived.

Crawling along the edge

The rally in gold and silver was irresistible. Fatally irresistible as it turned out. I was drawn in that bit too late and am sitting on a small loss. I guess I will have to pull out if the fall continues. And especially if the market falls and precious metals fall with it.

I did make a bit of money by selling the Euro against the US Dollar on a spread bet. There is a strong downward trend and although I picked my moment badly I held fast and pulled out with a nice profit as the exchange rate plunged to a support level on the back of the downgrade of various European country credit ratings. Today's chart is different from usual. Each candle shows a four hour movement rather than the normal daily one.

I am reminded that with skill and care one can make money out of the Forex markets very quickly. But then the opposite is true too. I'm digging back into my notes from various Forex courses I attended and I will see what I can do.