What we need to know is this a temporary dollar strength or will there be follow through!? I see Merv is about to speak at some dinner in England shortly, that'll be sure to get cable dancing a bit. Still short euro but the action has died off...
Geithner has been squawking that he won't allow QE and he's been reciting the strong Dollar mantra.. that set the table, but I think what could make it last is China's move.. action is more important than words.
I'm wondering if the US and China worked something out under the table. Mighty odd how the US said, "Oh, nevermind.. we'll mysteriously back off about the currency issue we've been harping about for the last 12 months."
yet 48 hours later the Chinese essentially make the issue a moot point by allowing their currency to increase in value, but not how the US wanted them to..
hmmmm... This ought to be good stuff in the Chinese newspapers.
euro/pound seems to have banged it's head off upper trendline resistance, appears to respects 10ema support on uptrend so take profit around 88 or just below. I'm dying to short the eu and will jump on cable again given any strength
I basically just scratch my head and wait for a clear move to materialize.. I'm not chasing this. This is how I've moved forward in career.. I don't find FX entertaining anymore and I'm all too happy to wait... and wait.. and wait.. If I lose it'll be for a few hundred bucks, not a few thousand.. It's been 6 years and 1 month since I started.. I should've figured it out earlier, but people are people and they are compelled to do what feels good rather than suffer... and it hurts not to act compulsively, but I'm up for two months when I should've been down.
They say that it's like the traits of a special forces sniper. Always waiting for the optimum second to pull the trigger, never compromising the operation by taking a 'pot shot' at the intended victim. Cold and unemotional trading...
