We are watching the Euro closely. Draghi said he wasn't ready to inject stimulus and needed more time to evaluate. Really? This is good news for traders. The Euro should consolidate tighter for a chance to POP in the near future. We will continue to monitor the possibility. Keep it on your watch list.
Nice consolidation since the Euro's knife has stuck int he ground. We would like to see a solid break of the channel before getting involved. Stick it on your watch list.
LESSONS: 1. If you missed the break down then you can't chase the trade. 2. If you missed the trade DO NOT try to catch the falling knife. You most likely take a hit to your account. 3. Wait for for something to setup...patience is your accounts best friend. What's up the with EURO? No setups at this moment. We are sitting on our hands waiting. Stay tuned.
After clearing the HVN High Volume Node of $95 representing supply from 1997 - 1999, the $DXY $DX_F is on track to get to the next HVN of $99 and then the nice round number of $100 where I suspect it will pull back. I am bullish to $100 then bearish. Watch commodities.
Yes, the E6 is still falling out of bed. And YES, it would have been nice to still be short but that's trading. We rang the cash register as per our plan and we accept that. UNDERSTAND something...you will NEVER catch the exact top or bottom. You just want your share. :) There is nothing for us to do with the E6. Time to be patient.
Mr. Draghi keeps helping us sneak closer to our 2nd target. He must be reading our posts ;) Nonetheless, we have pulled stops down to where our first target was hit. We are so close to the 2nd target that we need to tighten things up. It would be foolish to get this close and let a huge swing take us out. This has been a great trade and has paid us nicely. ...
Showing accumulation as traders anticipate the ECB to provide support and buy sov bonds. If Euro breaks down more, it will be very ugly as the longs since mid Oct liquidate. Long to 1.262
US Dollar showing signs of distribution as evidenced by accumulation in E6 Euro, J6 Yen and A6 Australian Dollar. #1 Short term excess supply signal has been flashing on/off today signalling a high probability of more selling. Note: no new cyclical support or resistance levels have calculated and printed at this time. This distribution will most likely take a...
Accumulation. Near term swing low is within sight. $DX_F DXY US Dollar is encountering supply from $88 - 92 at the same time. $J6_F $USDJPY Japanese Yen is near support. All the major currencies are displaying a near term change in trend. More confirmation needed. Seeing early signs.
The break is clean so we are looking for a small pull back on a lower time frame to get short. We will be up early to watch European session. Stay tuned!