MF Global

I had an account with MF Global Canada, they went tits up as you are probably aware.  I actually got 100% of my money back, KPMG handled the deal!!.  The account was with the Canadian branch so I was covered under the Canadian protection fund that was set up years ago to deal with this type of non-sense.  So if you look at my forex performance, you'll see it has stopped trading.  I will be set up with a new broker and funded account by Christmas but I wont trade until January when liquidity is up.

Where is the market going?

Sideways has been the story for a while now after that monster rally that started from the #2 green arrow in area 2.  Notice price never actually entered area 2.  If you look at the chart of SPY (same day) it looks like a failed breakdown, and they say "from failed moves comes fast moves".  

The SPY looks like HigherHighs and LowerLows are in store for a while, but I'll use the QQQ chart to show where I think we are headed.  

Overall, I think we are headed to area 4 - we may bounce or we may crash thru - so the options are to go long at the top of area 4 or short at the bottom (essentially a breakout) for a shorter term profit. If we beak area 4, look for a re-trace back to it, then short.  Once we find ourselves down at area 3 I'm all long right there.

So - in the near term, I'm looking for a bounce at area 4 back up to about 55.50, then down to area 2.  If we take off from area 4 we might have enough steam to punch thru area 3 as this area has been softened already.

Tipster Trendlines for MT4

I use the Forex Factory and the Steve Hopwood forex forums mostly.


If your looking for the MT4 Tipster Trendlines code, go to Steve's site as I'm not posting it at Forex Factory any longer.


www.stevehopwoodforex.com


You have to sign up to be able to download files.

Where is the market going? Part 3

Well my orders triggered.

I shorted QQQ at $58.99 and also bought a put option on QQQ.

Bracket orders set, waiting for price action to take me out, stop and target set. 

Patience is the game now......