Spy from the EUR bull camp came back with 1.3% booty, he flee saying the bulls are in choppy water, never know when the second shoe (bear leg) is going to drop.
But then no chart pattern can predict when CBs are going to intervene, rendering chart analysis useless. Mark Douglas had a good example in "Trading in the Zone" - a chartist was telling his boss according to his chart the commodity had support and must bounce from here. The boss said, "Oh yeah?", picked up his phone and sold XXX of the commodity, and the multi-year support fell like domino.
Hm, bulls just made 50% retrace, hit 2 std dev on the 15 min, potentil H&S, is this the time to return to the bear camp (bear spy picked up 81 pips (0.04%, only lvl 1 scouts in) in the morning before defection). Better not, done for the week.
Rgs,
Baifu
But then no chart pattern can predict when CBs are going to intervene, rendering chart analysis useless. Mark Douglas had a good example in "Trading in the Zone" - a chartist was telling his boss according to his chart the commodity had support and must bounce from here. The boss said, "Oh yeah?", picked up his phone and sold XXX of the commodity, and the multi-year support fell like domino.
Hm, bulls just made 50% retrace, hit 2 std dev on the 15 min, potentil H&S, is this the time to return to the bear camp (bear spy picked up 81 pips (0.04%, only lvl 1 scouts in) in the morning before defection). Better not, done for the week.
Rgs,
Baifu