I haven’t had the time to write for a few days. We’re back home in Michigan, but the flight back was exhausting. Little Geppy was a champ, and extremely well behaved on the flight to Los Angeles, but he was a terror on the way home. Ugh, not fun!
Mrs. Geppy and I have hit the ground running here back at home. I tore out a closet in our foyer where we plan to put a bench with shoe cubbies below, along with hooks for coats, etc. I started laying a bunch of flooring last night and she’s been busy painting my office.
I’ve been pretty hands off with the markets. I did pare my EURUSD longs back about 70% on Wednesday near 1.1800. That was my break even, and with the charts looking messy, I didn’t feel as strongly about my position. So I reduced it.
A dull couple weeks
I’m pretty unhappy with the way I’ve approached my trading these last couple weeks. I was very bullish EURUSD and thought I could do well just sitting on my hands. That hasn’t played out as expected (to say the least), as the pair continues a slow grind lower.
That said, I just can’t quite get myself to get bearish on the pair. When looking at the daily chart, it’s clear we’re still trading just above a large support area:
That large, blue rectangular area dates back to January of 2015 and acted as a ceiling until July 2017. Price came down to about the mid point of that zone last month and pushed back above it. To me that’s bullish.
We’re now testing the top of that area again. Also note that the 50-day SMA held as support today even though we pushed through it intraday.
So I remain bullish but recognize this is going to take some patience.
I’ll start feeling more confident that things are turning bullish again when the 15-minute chart trades above the SMA’s and we see them purely aligned to the upside.
Bitcoin keeps being bitcoin
Yesterday I watched as bitcoin shot up to almost $20,000 and then came back down to about $15,000. It’s now trading just at about $15,600 via GDAX.
I don’t actually own any bitcoin, but I do own a bunch of altcoins. That’s been a bad move in recent months.
But I’m not in this for months, I’m in it for years.
I’d like to be adding to my crypto portfolio but I generally pull capital from my trading account to do that. I haven’t realized any gains there lately, plus I’d like to build the account a bit higher… not to mention a few additional renovations costs I’d like to pay for too.
Hopefully I can free up some capital in the next couple months. I don’t want to put too much to work too quickly anyway. That way I can average in where needed.
I hope you’re trading well. Would love to hear what some of our readers are looking at these days.