DislikedAs many of you know by my posts I called it right in that it broke 106.00 before it broke 109.00
I point that out for the following reason. While it is important to decide for yourself which way you think the Trend is going whatever time frame you look at for your Trend.
The charts represent the present direction and fundamental NEW facts will change things. In this currency pair a NEW fundamental fact each day is the direction of the Dow !
Because of the extraordinary situation in the financial industry in the USA I myself would not call the Dow to go either way until I get a new sense of things based on the new facts of Friday concerning the Fannie and the Freddie and as was pointed out the upcoming banking results.
Things are surely out of control bordering on desperation when you factor in the fast approaching November elections.
My point is do not assume any direction with certainty at this moment. Wait and watch. I am standing aside until I see the markets reaction to unfolding events.
Just be wise and be careful and protect your capital.
Watch the price of Oil and Gold as well. Watch the Yield's on the 2 Year US Bonds and the 10 Year US Bonds. Watch the spread between the two of them. As the spread gets higher you will notice the USD/JPY goes lower.
I actually need to find out why that is ! Anyone know the answer ?
This should be a very interesting week. Make lots of money. Just in case anyone is interested I finished trading the FX Solutions Demo account for the period of June 9, 2008 to July 11, 2008 and all my FX trades are closed.
I made 300 FX trades and had a 98% winning record with 294 wins.
I had a net profit of $20,885.40 US Dollars and the cash demo balance is now at $120,885.40 US Dollars. All the trades and results in PDF format are now posted on my Home Thread, "Knowledge Is Power" if you care to examine my actual results.
Good Trading All Forex Factory Members !!!
BruceIgnored
Looking good Bruce, time to go live?
There are no certainties only oppurtunities.