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So much for extending into 1.40 any time soon. Looking to the 1.3525 level for a potential buying opportunity. You read that right, I said a buying opportunity. Sure, Europe sucks, but I don’t give a damn. Opportunity is opportunity.

Did your eyes light up looking at that? If they didn’t there’s something wrong with you. When I first stumbled into the world of FX my eyes lit up just like yours did 5 seconds ago. Those were the good ol’ days of 400:1 leverage. Thanks to Dodd Frank those days are over. Apparently we need to be protected from ourselves and what we do with our own money, but I digress…

Starting out in FX was ridiculously difficult, as it is with any type of trading, but there are a few things that accelerated my education and my bottom line. First and foremost is a Texan with a heart of gold and a genuine desire to see people become successful. Jim of The James16 Group started a free thread over at Forex Factory. Jim is a 20+ year trading veteran that decided to share his knowledge with anyone who wanted to listen and I wanted to listen as much as possible. Jim’s free thread still remains to this day and has also evolved into a paid educational service. Stay one year as a paid  member, get the rest of your life free. No BS. The community of traders Jim has created is unlike anything else, and above all it’s the honest truth. There’s not many people like Jim out there. Consider this my unpaid endorsement. If you’re interested I highly recommend it.

While we’re on the subject of trading education I have to make one more mention. If you don’t know or have never heard of DarkStar, you haven’t been around the FX trading circle. Darkstar has written and published a Hardcover Book on FX Order Flow Trading. Once they’re sold out they won’t be reprinted. Well worth the $149 price tag to get inside his head for a look into the work of FX Market Makers and Market Microstructure. Seriously, he gets down to the nitty gritty of what actually causes prices to change and how to calculate price change with a liquidity distribution model, or some shit like that. I’m not done with the book yet, but I can tell you it’s a deeper look into markets than you’ll find anywhere else. Also my unpaid endorsement.

Check them both out. You won’t be sorry…

A 4hr view. We’re coming off of a higher time frame demand level. Our first 4hour level is just about dried up, paving the way to 1.4000. I’ll look to short short term there, considering we’re only 8 days into November and the turkey gods are not only on the side of stocks.

Feeling the pain of Cain, I decided to take a look see at crude. Unfortunately, Mr. Cain may be feeling the pain for a bit longer than he might like. Anyone wishing to short Oil will probably be most interested in the 61.8 Fib level shown here as it lines up with an area of supply.

Where do you see the Euro 2-5 years from now? I see it as non existent. This may upset some of you Eurofuckers, but if the ECB doesn’t intervene via a massive assault at the problems at hand, the currency is toast. The currency system as it is, is inflexible. The things they’re doing to “solve the crisis” are leading them to their own demise. If not already broken, it will break. It is this inflexibility that will lead to clouds of black smoke hovering over Europe and the sound of tank shell’s screaming across the sky overhead.

I’m a big fan of MMT and Cullen Roche. I’ve had many arguments over MMT with many people and those that dismiss it as garbage. More often than not, those people tend to be the mass media fed kind that simply refuse to believe that they could possibly be wrong about anything.  If you’re not that type I invite you to open your mind and “think differently” as Jobs himself might say. See this post for some MMT info.

to read Cullen’s article click this link, MMT, THE EURO & THE GREATEST PREDICTION OF THE LAST 20 YEARS?

Every time an EU leader makes a statement, the EU’s imminent disaster becomes clearer and clearer. From the ECB’s seemingly inability to do anything at all to the outright denial some of EU’s leaders. The ship remains on course with nobody at the wheel. If the ECB doesn’t do something drastic (I hardly call the recent rate cut drastic), the passengers will just continue to drink and dance the night away… Even as they sink.

McKesson. A stock I hold near and dear because I work for MCK. However when it comes time to pull the plug on my MCK trades I will do so with a click of a button. My first buy was from the 60’s after a 5 point gap up. We recently just had another 5 point gap up (roughly) after 2012 targets were lifted. Before you go making the assumption I’m some insider, hardly. While I do work there, I have zero access to such information. I get it when everybody else does. How do I pick my entries and exits? The same way I always do. Supply & Demand analysis. It has served me well, as the $20k I set aside to trade MCK a year ago is now closing in on $35k. By hook or by crook I will boost that another $5k by year end.

JPM analyst, before the earnings news, set a $57 target on MCK after it had come down a bit from $87. My personal target was $66.25, which didn’t get hit. I was about 0.50 off of the recent bottom before the gap up. It dawned on my thet the JPM analyst, in their infinite wisdom simply picked the 365 EMA as the target price. I said to myself, “Wow, if it’s that easy I want to work for JPM as an analyst for $100k a year”. Needless to say JPM and a few others are now eating their estimates and have since changed those estimates back to their original $98-$108 targets.

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