Pm's Blog (5)

The E/W count for the Euro/USD is reasonably clear but for the slow turn into wave four. A target in mid 1.38 would fit well and fits with Steven's latest Euro analysis

Euro daily 12 mar.jpg

There is some activity today with Russia and other BRIC nations selling their currencies against USD because their currencies are getting too strong. They are starting to talk intervention. Maybe this is the catalyst to turn the dollar, that politicians in a number of nations are getting uncomfortable with the weak dollar
P

DJI Daily 22 Oct09.JPGSPX Daily 22 Oct09.JPG

I thought that it might be timely at this juncture in the equity markets to remind bull/bears of that 'leading light' and favorite of bull/bears, Jesse Livermore.

In addition to the famous "Reminiscences of a stock operator" by Edwin Lefevre, there are two very good books by Richard Smitten "Trade like Jesse Livermore" (2005) and "Jesse Livermore, The world's greatest trader" (2001).



Some of Jesse's trading principles were:

follow the line of least resistance

Patience… Continue

"We have a heap of porridge, you might like some!"