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GoC, thanks for giving me the courage to again go long e/c. I had managed to cut my long usdchf one for a small loss. But, now I am copying you on this one. Long e/c at 1.04 full size. Thanks.

Thanks for this GoC. I like it

Whats the source of the rumor. Market action seems to back your hypothesis that someone big might be in stress or going down! Also implies we might be nearing another LTCM/Lehman - and this time we might not get the luxury of a weekend to sort out things......now thats scary part of this panic...

Agreed. Also, FOMC is meeting today, should help stop this mayhem.

i was trading ES and CL ... in and out kind of thing....my stop in CL got taken out and ES i liquidated....didnt mean any stocks

happening right now. I liquidated myself.

the emphasis is on "sustained". not saying market wont go to 1120 before rebounding but its going to rebound sooner than later. IMHO

Ghost, I think at this point in time, we are very near to capitulation and it might be well recommended that you increase the risk you generally use - so instead of using 2% , maybe use 3% or even 4%. Just my suggestion.

What is happening today is basically the market reaction to series of ratings downgrades that are happening and will happen to muni issuers, fannie, freddie etc. Surely individual stocks get hit but this is not enough reason to sustain a broad market sell-off.

I don't want to think about it in terms of patterns. Rather think about it mathematically, economic numbers and historically - 200 points move down in 2 weeks. Unemployment numbers have not gone to -400k, housing prices have not dipped -10%, banks have not failed, other countries are still...

Your analysis seems the most probable scenario to me. Also, market has not been able to break 1150 level with any followthrough even after 2 attempts. First attempt was quickly bid up, 2nd attempt prices have hovered for a long time near 1150. Seems to me we end up aroud 1170+. Euro has stopped...

Thanks, Yes it was a pretty horrible way to start. My hope from this journal is that being organized, writing everything in black and white and in front of the world will force me to stay disciplined. I have few edges, its just a question of trading 'only' my edges. My problem is the 'highly...

Update for week 1 ending Aug 6, 2011 : Weekly Stats: 1. Week PL: -3k 2. Start Equity: 7k 3. End Equity: 4k 4. Maximum equity run-up: 8k 5. Max Win day as % of that day's start equity: 20% 6. Max Loss day as % of that day's start equity: -45% Below stats are from Journal start...

Japan had been downgraded before also, this is first experience of US downgrade for this generation. UStreasuries are at the centrestage of worlds financial system. 95% of JGBs are held by japanese domestics. So unlike USA. So different situations not exactly comparable

Thanks shortie for catching. Now its making me question my view. I agree with the premise that markets knew thursday and friday that downgrade is coming and that was the reason for the downmove in stocks on huge volume. But I am still sure specifically about 'emerging markets in Asia' - they...

Dude, sorry to be so disgraceful. But emerging markets will experience a clusterfcuk on monday. Watch my words!! FYI, Saudi markets are closed on friday (its a muslim country) and open on saturday. Find out what happened there on saturday.

which trading software/broker are you using that didn't work a whole day!!! I really like your journal - very good, well organized and disciplined method of making few % gains every week or so. I don't think you should reduce the leverage though. If in your backtests, this leverage is...

I sold all my physical silver today, hoping to re-establish the physical position sometime next week at a much lower level. Edit: Central bankers are becoming pro-active. I thought this would have happened sometime next week, but ahh i was so wrong...

I guess the 'money lying in the corner' kind of trade for monday is short usdchf and short commodities except for gold. I am 70%-80% sure EURUSD will also go up but it might come back later due to risk aversion and people buying treasuries. aka 2008 - US financial system collapsing but people...

To everyone, what does this rating downgrade means for stock markets, ccys and precious metals especially on monday, this week and 2 months from now? When Japan got downgraded few months ago, there was a spike in usdjpy which lasted one day before usdjpy was back at its original level...