posting this to show the big picture. .. sure there will be up and downs for shorter term traders.. the chart is the euro index.. it shows how euro is doing against other major currencies overall. this is a monthy.. the last bar is red its shows most of april till it closes month out.. the bar is bearish as you can see.. also as shown its on the lower trendline in blue.. that is also near a fib 113.28 where its at now..current price 113.46 just above fib.. what this doesnt show is on last weeks chart we punched through the trend line then bounced above. at this moment we are below trendline if week closed right now trend would be broken..this trend is 6 mths old.. unless we get a bounce shorts are the safest place in town.. if you can handle the swings of hundreds of pips.. reduce position size and widdening stops is the cure for me.. just below that blue line hundreds of pips.. maybe thousands..let if make its move.. dont go broke trying to antisipate it..because there will be rejection at times..dont forget they got 3400 north (eu) and we could still be in this trend.. its wide..we could bounce many times.. scalpers paridise with proper r/r..
at the same time as above the dollar index is a little bullish today.. but not impressing me. but its almost 1/3 the way up before hitting its upper channel wall.. if it breaks out its trend.i suspect if euro breaks out its lower trend dollar will quickly follow. you may still be able to buy that new beamer at 1980 prices and 2$ shamwows..... watch your ass still a gamble..day and week still has to close below trendline.
at the same time as above the dollar index is a little bullish today.. but not impressing me. but its almost 1/3 the way up before hitting its upper channel wall.. if it breaks out its trend.i suspect if euro breaks out its lower trend dollar will quickly follow. you may still be able to buy that new beamer at 1980 prices and 2$ shamwows..... watch your ass still a gamble..day and week still has to close below trendline.
those who can, do. those who cant, talk about those who can