DislikedThis is Oanda's current l/s open-position situation: http://fxtrade.oanda.com/analysis/open-position-ratios. Watch out for another low-volume short cleanout this evening as those retail positions are there for the taking. I'd say there are plenty of stops over just 3450. It's just one scenario, I hope I'm wrong. Personally I'd prefer to see a close under 3330/40 today, but just when you think you're safe............Ignored
However, if the big banks are telling the truth that they no longer see hope for more upside, I don't think there will be any more attacks and they just might let the retail crowd doom themselves later when they cover their long running short positions and start going long as price starts dropping.
It's not always an attack on price. It's also an attack on the crowd psychology. A retailer who has been holding an underwater short position for a very long time and maybe even came close to margin call a few times (that's a large majority of the crowd) would be elated to close at BE, and since by now they are convinced we are in a bull market, they will start trying to pick a bottom as this sucker tanks hard.
Those who say it cannot be done should not interrupt those who are doing it