Getting a lil toppy. Hitting some monthly and Weekly S/R.. Expecting to see a bit of a correction before another leg higher. Also some divergences forming on RSI and MACD.
the thing is, you put yourself at much greater risk of you are shorting this strong uptrend, instead of looking for opportunities to long it. there is some obsession in human psyche that i can't understand. i used to have this "reversal obsession" when i made my first ever account and i kept longing UJ when it was at 83.00. it's dangerous and foolish and completely pointless. the only explanation i find for this is a big ego that needs feeding. but eh, how else would we make money if there weren't shorters on UCAD, buyers on EU and shorters on UJ...
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well said I wouldn't buy any commodity based currencies right now
just closed my longs looking to reload next week
Bulls Make Money, Bears Make Money, Pigs Get Slaughtered
Yeah, pair looks toppy. This could be the start of another multi-day correction down. USD/JPY just broke out of what could be a bearish diamond. So some tentative bearish signs on the lower timeframes have started to form
Correction, U/J not yet broken out of the diamond. It will, if it runs up to 124.35s and then breaks down below 124.25s. If the diamond does its magic, the U/CAD would be breaking down about the same time.
if now 4 - if not the ABC correction {image} {image}
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Crude oil surging after lower US Oil Inventory data yesterday and USD CAD set a low 1.2410 it might re-visit and crash further if CAD GDP is positive and USD GDP is negative at 8:30 GMT later today... my 2 cents...
{quote} Crude oil surging after lower US Oil Inventory data yesterday and USD CAD set a low 1.2410 it might re-visit and crash further if CAD GDP is positive and USD GDP is negative at 8:30 GMT later today... my 2 cents...
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set expectations low USD Prelim GDP q/q -0.8% 0.2%
{quote} set expectations low USD Prelim GDP q/q -0.8% 0.2%
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Right Dano, USD Index faced stiff resistance around 97.73 y'day and falling over EURO would be the strong gainer if USD Prelim GDP prints negative and ofcourse USDCAD move is based on CAD GDP too at the same hour
let's dance!
