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Friday 28 August 2015

Samurai Summary: Top Tweets 28/08/2015

I must admit I got the idea to find a long term chart of the USDJPY from the amount of coverage this currency pair has been receiving and rightly so. It would seem that current price levels are  bumping up against some major resistance causing some concern.  From the bottom of 2011 it's clearly evident that there hasn't been a major pullback in the last 4 years which adds some validation that choppy times could be ahead for stocks. The author of the tweet has over layed a fibonacci retracement with possible values where price could land, the first being 106 which represents 14.5% lower from where we are now.


Oil spiked up over 10% last night as it was reported that Venezuela has sent in a request for OPEC to hold an emergency meeting. The meeting which is to take place in December is wanted to be brought forward because member nations economy's are reeling after the drop in oil prices. Venezuela in particular is grappling with high inflation and the situation on the ground is getting out of hand with food shortages being reported. The fight is yet over as US shale producers are dealing with their own problems as debt payments are piling up and not enough cash flow to disburse to creditors creating worry.


I just loved this article so much I had to publish it on my blog. The writer really hits home the point that so many misunderstand when it comes to trading, it is a journey worth a thousands miles and each day we learn something new something different. The longer we stay in the game the better we get at it. More emphasis needs to be placed on the fact that trading isn't easy, it's tough and years of experience need to be racked up before anyone is proficient regardless of the catchy phrases some internet ads may say.
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