Just closed Aussie short at a small loss, shorted usdcad. Still holding usdjpy short from 109.38 and lower.
Ty. 1.2545 on usdcad. It looks like it might finally be holding 1.2550 from the downside. Was short a couple days ago and got out. Been stalking it since.
Usdcad 4hr for example looks like a big inverted cup with handle. One of my favorites. Adds evidence to the weaker dollar view.
Markets have got to be thinning out as we approach US Labor day. Means patterns may not hold up. Of course, it will all be clear in retrospect.
It may need the labor day news to break down, if it's going to break down the pro's will be already short, they may use labor day to dump their shorts,just something to watch out for.
That looks like stop hunting to me. I've noticed that a lot of retracements against an established trend are 30 or so points from the lows. Newbies chasing, then getting stopped it looks like. Obviously it could always be something more