Pound imho is still bearish and given that UK CPI didnot have any impact, it should resume bear. Shorted at 1.337s sl 1.338 Lets see. GU is currently at H4 and H1 key resist area
Yeah, except for the pound, all other major pairs get intervention...and it's one of the reason, I primarily trade the pound the daily basis while other pairs I take risk only when they are at key resistance/support areas
Happy New Year. I keep learning in bits and pieces from all of you out there in trading land. I'm grateful for the opportunity to express myself here, and get feedback. I had a down year, about 10 percent on a small
account. A friend asked me how I was doing. I told him I was "losing less". He laughed. At one point from the middle of August to the middle of September, was up about 50 percent, and I felt invincible, like I could just mint money. After that I started pressing too hard, refusing to take good profits thinking there was more to be had. Also was trading USD from the long side almost exclusively. So I kept getting caught on good short Euro positions mostly. But it taught me not to take any thoughts about the market too seriously. I was confusing a good setup with a change in trend.
As I write this it appears that the USD wants to go lower. Cad especially had been weak and spent a long time range bound above 1.25 USD Cad. Euro I don't think it will stop now, other than some pullbacks when everyone has already bought and it's just too obvious. Anyway, going to let things set up and try to be patient as usual. I see evidence of "irrational exuberance" in the real economy as far as real estate, Bitcoin, perhaps boats and luxury items. This stuff will eventually affect the markets. For now, still a bull market. Usually this means money comes out of USD and into smaller currencies. Watching Nzd, Aussie, and Cad for starters. Potential for big moves there.
Since the hike in the last month, US dollar has been depreciating and that's contradicting the theory and expected move. I guess that's because all global economy has been growing at the same time and Trump doesn't want US dollar to strengthen either. I am observing sth unusual now and I guess I need to read some economics journal to gain some insight into the source that's driving the current observation now. Having said that, Happy New Year, Swim