I’ve sat out a few days and missed some pretty decent action in USD – as the slide continues.
This will continue for much longer, so I’m going to take a day er two here to let it breathe – then jump back in on the short side. The U.S Dollar is attempting to find a bottom, not only in an immediate sense ( having absolutely no luck ) but more so in an “intermediate / medium term” sense. Let me explain…
When you see a continued pattern of “lower lows and lower highs” on a daily chart / time frame you’ve got to understand….this is no small time trend. We are talking about weeks and week of a given asset falling lower, then lower than the previous low, then lower than “that” low until finally a much larger “intermediate cycle” completes. You dig?
The U.S Dollar will bounce here and likely bring in a large number of traders assuming this is a bottom. This IS NOT even close. Look for a decent bounce here on the 1H as a great place to re enter short.
That’s all I’ve got for today folks as I am busy busy with “yet another venture” so…watch for the bounce here in “risk in general” and get your levels checked/locked and loaded on all correlating pairs – set for another round of “short use trades”.