After resistance is broken it turns to support, so I’m looking for price action to retrace to our previous level of structure and potential give us some type of reaction. Normally I would say to expect a trend continuation move here but I do think yesterday’s moves were overblown and a correction is in store, especially for those interested in buying USD’s and this discounted price.
Looking on the hourly chart a move (ABCD) would put us right at a previous level of structure both minor on the hourly and major on the daily. Also, keep in mind we have an important consumer confidence number coming out this morning as well. So will there be a reaction, I don’t know. Where will that reaction take us, I don’t know. Hey I’m just being honest with you. The only think I’ll be looking at is short term trading opportunities once my live room opens. By the way if you want to spend a free week in there with me, you can sign up here. http://tradeempowered.com/fx-live-room/
Maybe I’ll see you throughout the week, maybe I won’t. As mentioned before I’m not in a rush to gamble and try to catch the “hot” move, rather I’m concerned with conserving my capital and not letting a decent year of trading profits get eaten up by greed.
Chief Currency Analysis at Trade Empowered
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There are always some who will wish to go surfing in a turbulent tsunami - and that's fine for them.
When I see a tsunami - I shamelessly run for the hills. It's not about fear. It's about objectively assessing risk. Lose the ego thing but not your money - is what I say.
Maturity in trading is more about self-restraint - than about adrenaline rushes that come from playing chicken with the markets.