Major moves in Forex markets occur in the wee hours of the morning (after midnight) of Pacific Time. The choppy action in the US Dollar Index since 11 AM PST (7-13-10) has been frustrating. Numerous profit opportunity have been missed already in search of 83.5 target which is elusive so far. The trade drags on; draining a lot of emotional and physical energy.
A lot of patience and stamina is needed. Similar to "The old man and the sea". I am most certain that if "The old man" was a trader, he would have been a great one. Perhaps amongst the very top ones!
I for one, need to wait for 83.5 to hit in the next 2 hours. That area is getting pretty close to the correction target. I am not sure if the green back starts to rally from there or it just chops around for a couple of more weeks and then levitate towards 88. Currently the broad market seems to jubilant over Intel's numbers and looks like an opening gap. Is the market getting ready for a last hurrah and then chop lower? It will be known in the coming weeks.
In any case, the greenback is more likely to find its bottom with the market top!
No comments:
Post a Comment