DislikedHey Zoop...
Rode it down this morning for 90 pips. Got worried on a retrace near 5650 so I got out....glad I did.
You think we are going to see a big retrace up or do you think this is the turning point for the MED trend to down.What do the jungle drums tell you?
Haven't seen Jacko appear on his thread lately.
MGIgnored
I think if we get any move up it's probably going to happen around 1.5400 which is the area I'm going to watch. Right now I don't see any support lines nearby except for the 1.5400 one but that also doesn't mean it won't go up now. The market will always do what it wants when it wants.
Be very careful if you decide to short this market as well. We are still in a major bull market. Remember, the market moves in waves so even if this was a turning point (which I don't believe it is), it would have to create another wave going up.
I also think the Euro needs to retrace and take a breather too. The way it has been climbing is beyond extreme and I can't remember if I've ever seen it move up like this before. The only time I will change my medium term outlook is when the weekly trend breaks and we're far from that. I'll deal with it when we get there but for now I'm still a bull, just waiting on the sidelines.