I guess back door QE is not liked. Been on a losing streak as of late. Almost gave back everything I earned last week.
Valid questions! Tardy answer! Briefly, I peg 37.50 as the top of the trading range. We either break out or break down. Looks like we're going to break out. Nice advice, btw, to whomever it was contemplating a short last night...
Just saw your post. If I have learned anything over the last 5 years of trading full time, trying to pick tops and bottoms is a dangerous game all around. They can be very profitable trades but also hurt just as much when psychology starts entering the decision making process. You are spot on with the volume comment but that is why we are getting such strong moves in both directions and why this thing could keep going up into the upper daily resistance TL. Therefore, I would not try to fade anything and only trade in the direction of current strength with stops. Just my 2 cents and fwiw, I typically lean short but trying to get away from trading my macro bias. I do agree with you an Europe but how many have been burned on this over the last 2 years. Good luck to you and happy holidays.