Posts by "daveo"

Reading back a bit to familiarise with names and contributors I noticed someone asking for good forex broker. Not sure if CMC has an influence here but I assume this is Ashraf's private enterprise.

If its a classic account you seek for MT4 platform take a look at GoMarkets in Aus. They are STP and with keen spreads generally. I have found they are better than Alpari and Forex.com not to mention the range of spreadbet brokers we have in uk. I use GM for intra day plays and spreadbetters for longer term positions. Alpari can offer classic and pro accounts with or without MT4. Forex.com are encumbered by the new US regs. Alpari have added a range of commodities and indices but I would place them alongside the spreadbetters for typical execution unless you take their pro account.

I realise the subject of brokers is a mine field all of its own. Personally I like to spread margin across about 8 outfits as my trust going forward is around about zilch.

Technicals give us clear parameters for trading. Short term fundamentals can contribute and make us better technical traders. Longer term fundamentals can take very much longer to play out than we might expect, almost ALWAYS.

Most purist fundamental traders I have known have found their bank accounts were inadequate to match their egos.

Our great leader employs a mix of all and that makes sense to me. Fundamentals are immensely interesting but so is EWA or any other worthwhile technical methodology. Some traders are just too lazy to study worthwhile "trading" methodologies. They prefer to spend hours preaching their "opinions" in forums.

My take is QE will not work and very inefficient weapon which ultimately weakens us all further. Several years more of de-leveraging lie ahead during which we will probably see another bank crisis to pale the the last one into insignificance. A deflationary environment will continue and stocks will turn down to alarming levels. USD will rise and gold will crater. If anything gets us out of the sh*t it will be the scientists rather than the politicians or money spinners. Gonna take at least a decade, probably two to see some light and even then we will see a slow jobless recovery. Inflation lies way into the future. Watch all commodities crater and watch some frightening attempts to devalue currencies. Trade wars --- probably.

I have a lot of respect for Roubini and would be interesting to have a very private conversation with him.

GU broke above the 78.6% ret of the move down to the 5297 low. This means there is now a high probability of seeing higher prices, not today but soon. My next target is a symmetry projection for abc pattern at 5935. If price blows through that we will see new highs above 5997. Several projections for that but lets see what happens at 5935

For non tech traders, EU did 5 waves down from the 26th Nov 09 high to the 7th June 10 low. We are probably now correcting that move down. 50% correction is a minimum expectation which price has now taken out today. Higher targets are now beckoning both on technicals and fundamentals. I will leave the fundamentals to our good leader.