If you can believe it – the U.S Dollar has spent the entire last week “still hovering” near a well-known area of support, showing absolutely no interest in “getting off its ass” and making a move higher.
As forex markets have a tendency to move sideways for extended periods of time, this should come as no real surprise but in having held a number of small positions ( almost averaged out now ) “long USD” for some time now, I’m only giving it a couple more days before just “going with my gut” and likely pulling a “stop n reverse” – getting back on the short side of this dud.
The overall weakness and lack of any real “life” suggests ( as I’ve now suggested for some days ) that regardless of any “near term pop” – USD looks pretty much set on breaking support and continuing on its merry way – into the basement.
Considering the lack of movement ( in either direction ) scratching a trade that has consumed nearly two full weeks of trading doesn’t put a smile on my face. Not at all. If you consider the time and effort, and in turn the “lack of reward” you can easily see why we call this “work”.
I’ll give this dud a couple more days to “prove itself” but as it stands…..I’m a hair away from flat-out “stop and reverse”, wherein the probability of an actual “waterfall” exists.
It’s make it or break it time for USD. 4 days Max.
Forex_Kong_Face_Book
I’m out of the house here today ( back up to Isla Mujeres ) as the snooze fest continues…..
Hey Kong,
It’s strange to me how firm the Yen has remained with the bounce back in equities over the past week or so. I am looking across the board, and Yen looks extremely overstretched at current prices, as does the USD. I agree these last couple weeks have been frustrating, but I think big moves are coming. Let’s see how the equities get on, but I haven’t ruled out the safe havens as yet : )
Enjoy your Trip,
Rob
I agree….as YEN still holding strong….some divergence here for sure.
I too am “holding” – but will only give it a couple more days, as it’s clear to me now that regardless of whatever “pop” in USD is “due”….it will be “that” and only that.
The lows are clearly not in for USD….perhaps start looking at the October low.
I have added to my short Aud/Nzd over the last few days here… looking for it to break-down at any moment… just about 75% loaded on this position now. Still eyeing USD/JPY here looking to short but just not ready as yet.. Still no real progress to my short USD/CAD …. still holding….
Silver has a 4hr & 8hr set up which should decide the next move – been trading sideways for 7 days now…. Diggers have stalled for the moment…
Tesla is a fright-train out-of-control here….. does not seem to want to even stop for a rest – LOL…. short getting squeezed including myself…. ahh well you can’t win them all LOL…
Cheers Schmed,
I have added to my short Aud/Nzd over the last few days here… looking for it to break-down at any moment… just about 75% loaded on this position now. Still eyeing USD/JPY here looking to short but just not ready as yet.. Still no real progress to my short USD/CAD …. still holding….
Silver has a 4hr & 8hr set up which should decide the next move – been trading sideways for 7 days now…. Diggers have stalled for the moment…
Tesla is a fright-train out-of-control here….. does not seem to want to even stop for a rest – LOL…. short getting squeezed including myself…. ahh well you can’t win them all LOL…
Cheers Schmed
I’ve booked profits in miners, and looking for a few days pullback for reload.
Still long USD/CAD, and see that yes AUD/NZD should roll over here pronto, as AUD SHOULD in general.
TSLA = MOMO = FED pump / momentum stocks moving higher…..but falling harder!
Tesla is absolutely insane right now Schmed. I’m not having any luck on my NFLX, these momentum stocks don’t even wanna take a little dip. It’s just straight up. Hopefully we’ll get some good Forex action soon, the market’s been quite stagnant. Should get some good GBP movement tonight at least from the revised GDP report.
Ok it looks to me like the DX has broken it’s short term consolidation. ..and to the upside. And the yen is just inching toward the end of its consolidation and should break to the upside. At the risk of being wrong and looking like a tool I’m going to go ahead and say it’s pretty much on ……. finally! Or likely to be on haha
Let’s see if it holds but yes…..a constructive move across the board.
Ya I have absolutely no idea of the durability of these moves. It’s a keep it light and wait and see kinda thing