It can't continue to go vertically down forever, right?
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I'm long the dollar vs aud, cad, and nzd. Atm, they seem to wanna make another push higher vs the dollar. However, atm, I'm not sold on it yet and am staying long the dollar. Just not buying that they can make another significant push without giving some gains back. But I understand I could be wrong and I'm prepared to exit.
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So, the market apparently feels pretty comfortable with aud, nzd and cad vs usd at these levels. Therefore, if I don't start to see some price action that I like very soon (eg, next few hours), I will just get out. Like I said, I like to pick the low-hanging fruit, and these 3 trades so far haven't been that.
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Wow...weak dollar. My indicators have been saying for awhile now that the dollar should bounce, but we are finally seeing the price action that needs to go with that. The "con" of being what many would call a reversal trader is that sometimes you get in a little too early and it's a little nerve-wracking and even frustrating as you wait for the price to go your way. However, the "pro" is that even when the price continues to go against you, it should circle back before too long--unless you were way off, and as I usually try to pick the low-hanging fruit, that doesn't really happen to me: as a result, I tend to have small losses or big gains in the end after it comes back around.
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So, again, the good thing about reversal trading is that, unless you were seriously mistaken, it will usually come back around sooner rather than later. For this one, my indicators say it should be going up for quite a while now and the price action is starting to confirm that...finally. I would like to hang on to this for maybe 200 pips, til 1.28 roughly, but my nerves are a little frayed at this point, so idk if I can hang on