Did we not see this coming? Indeed.
The US dollar has put in “yet another” devastating over night session in Asia. Down -65 as EUR hits near term / 6 month highs. AUD/JPY has stalled out below 84.40 ( not bad Kong! ) and the world is a wonderful place. Trades are in the green some 3 weeks after moving sideways across the top….the first “significant move” – USD lowers expected. Kong Krystal ball intact.
Now things get a little trickier as……this may very well be the final daily cycle where The U.S Dollar continues to register “lower lows” and “lower highs” before generating what we would refer to as an “intermediate bottom”. You can push it to the degree that I have ( having been essentially “short USD” for what – weeks / months now? ) but there comes a time where you need to lighten up/ back out / prepare for a change in direction.
I am looking ahead and preparing for just that.
You think I give a shit which direction things go? Not in the slightest ( as I am devoid of these petty emotions ) as long as I’m on the right side of it. It’s called trading last time I looked.
I’m riding USD lower but am already of the mindset that this might be the last short entry for some time. Get this right people…I’m short USD….and already plotting areas of support / resistance with full consideration that my “next USD trade” may very well be a long position.
Can you wrap your head around this? No waffling. No see-saw. No wishy-washy bullshit, just proper planning and execution.
If you’re not looking ahead. Maybe you’re watching too much T.V.
What are you looking at? Seriously……let me know what you’re looking at ( market indicators / geo news etc..) I want to know.
Forex_Kong
Where do u see usdjpy will fall to?
111.00 and I’d be more than pleased.
Did you mean “plummets”?
Ya that’s what I meant.
Thank you for taking the time to correct me.
U see a chance usdjpy will fall to 108 before u even start to reverse the short usd trade?
In this instance Peter its really difficult to say as…..
Before putting in a more substantial bottom / reversal this “final daily cycle” could just as easily go one of two ways.
1. Further waterfall / capitulation type thing with “serious” downside over the next coming days.
2. The complete and total opposite with a quick dive below the last daily cycle low ( which has now “already happened” )…and then reversal higher.
Time wise the current USD cycle “should” still have several days to go but I can’t really “predict” where price will end up.
I never really make “predictions” as much as I let you guys know “what I am doing regardless”.
Personally…..I think 1.08 would be a real stretch as there is certainly a support/resistance area there around 111.00
With Donald acting up, this could get interesting real fast….112.50 support, 111.00 next?
Ya.. I agree with u… let’s see how things go but for now u are right as we r seeing usdjpy plummeting as I type…however I am actually targeting 108 but as u mentioned the support and resist area around 111 is truly a pain in the ass.. thanks for letting us know about this waterfall action…
Kong! Kong! Kong! Kong! Kong!
Ooooooooh ya!
We are looking good here.