CL Redux

mfbreakout · Sep 2, 2011

Quote from DonCorleone:

MF, this ACD stuff is great. thanks for bringing it up yesterday. [/QUOTE

yw. That book has changed my life. I tell everyone who will listen. so far 20 traders have bought it and using it along with their existing system.

I lost money for 2 years, became profitable about 6 month sago.

still lot to learn.

mfbreakout · Sep 2, 2011

Quote from mfbreakout:

Quote from DonCorleone:

MF, this ACD stuff is great. thanks for bringing it up yesterday. [/QUOTE

yw. That book has changed my life. I tell everyone who will listen. so far 20 traders have bought it and using it along with their existing system.

I lost money for 2 years, became profitable about 6 month sago.

still lot to learn.

More...

There is a reason Paul Tudor Jones calls Mark fisher best pit trader ever.

DonCorleone · Sep 2, 2011

Quote from mfbreakout:

There is a reason Paul Tudor Jones calls Mark fisher best pit trader ever.

once it went below 86, i looked at USO and it was sitting right on top of opening range on 10 min chart.

too bad i had closed shop for the day. i coulda so shoulda woulda. but i did learn alot just in one day.

again, thanks MF!! have a great wknd.

mfbreakout · Sep 2, 2011

Quote from DonCorleone:

once it went below 86, i looked at USO and it was sitting right on top of opening range on 10 min chart.

too bad i had closed shop for the day. i coulda so shoulda woulda. but i did learn alot just in one day.

again, thanks MF!! have a great wknd.

You too.

axiszen · Sep 2, 2011

Nice one!

Quote from EON Kid:

NFP tomorrow 08:30

Quote from JoshDance:

I don't know when it will happen, could be today or next week, but when we break out of this range and decide on up or down, it should be pretty violent. I actually like this type of volume though (not the range, but the lack of extreme volatility like earlier in the week)... it's quite peaceful compared to the 200 tick in 10 minute moves we sometimes have.[/B]

DonCorleone · Sep 2, 2011

MF, which charting software do you use? btw, I sent you a pm.

EON Kid · Sep 3, 2011

Good call from Glencore , I guess they are building their public profile

@mfbreakout good posts. Was that Mark Fisher's Logical trader book you recommended? Also be cautious in your dealings with DonCorleone, he'll try to sell you the BCDE indicator

@axiszen TY

Quote from EON Kid:

Demand slowing in China, says Glencore

By Jack Farchy in London and Javier Blas in Washington

Published: June 14 2011 08:44 | Last updated: June 14 2011 20:11

http://www.ft.com/cms/s/0/8387e3fc-9650-11e0-afc5-00144feab49a.html#axzz1PMwlFrk7

Glencore has warned of a slowdown in demand for commodities from China and the US, the two most important consumers of raw materials, in its first public results since its $10bn (â¬6.9bn) flotation last month.

Ivan Glasenberg, chief executive, said high prices and the Chinese governmentâs moves to curb inflation had damped demand, although he hoped any slowdown would be temporary.

Glencore has a privileged view of commodities markets as it controls a large share of trading of industrial raw materials from copper to oil and its reach can allow it to anticipate changes in the cycle. Until now, however, Glencore has rarely made public statements of its views on the direction of commodity prices and demand.

The warning on the outlook for commodities, together with a downbeat response from investors to the first-quarter results, sent Glencoreâs shares tumbling to 500p, the lowest since its initial public offering last month. The stock was the worst performing on the FTSE 100 on Tuesday, down 4.5 per cent on the day.

However, Mr Glasenberg painted a positive medium-term outlook, saying that the effects of Chinaâs monetary policy tightening would be shortlived.

âThese are short-term ebbs which we see from time to time,â he said. âWe still believe in the underlying strong fundamentals, with demand continuing to grow in Asia, particularly China and India.â

The company reported net income of $1.3bn for the quarter, up 47 per cent from a year earlier but below expectations. Investors noted that at the current rate, Glencore would miss consensus forecasts of more than $6bn for full-year earnings â although Mr Glasenberg told the Financial Times that higher production would âkick inâ later in the year.

Glencoreâs warning on commodities demand came as Chinaâs central bank raised banksâ reserve requirements for the ninth time in as many months after Chinese inflation hit 5.5 per cent in May â the highest in nearly three years.

Investors have become increasingly concerned that the commodities boom may have sown the seeds of its own destruction as near record prices slow global economic growth and dent demand.

Some fear that Glencoreâs initial public offering may have marked the top of the commodities boom. Commodity prices have fallen 7 per cent from a peak touched on the day before the company published its listing prospectus in early May.

mfbreakout · Sep 3, 2011

yes EconKid book was " The logical Trader".

JoshDance · Sep 5, 2011

Any of you ladies or gents trading today? I absolutely love this action.. it's relatively predictable, movement is not a lot but pretty smooth. Compare this to the slow chop we saw some days last week.. I've only taken 2 trades and will probably quit while I'm ahead.

Visaria · Sep 5, 2011

Been trading the Dax, which has been rather good