Good day to all,
Despite much anticipation, 1.500 was so near yet so far.
I mentioned many times that 1.500 should be a tough nut to crack and indeed it seems.
If you are using a margin account with over sized positions, did you have a margin call?
If you are using a margin account with properly sized positions, did you add to your long positions? 🙂
If nothing adverse happens, we should be bouncing between 1080 and 1100.
Oil is approaching the top of the range at $75.
Gold, although humbled earlier, has recovered and is now nearing $1060.
Apparently, many folks are shorting this pair now.
While i feel that the current rally is a tad little too fast, i do not see any obvious clues that the trend is turning short.
S&P 500 remains bullish, together with with oil and gold.
These usually add weakening pressure to the US Dollar when bullish.
I mentioned in the forums that i observed many pending short orders stacked around 1.5000.
I expect that the journey up and possibly past 1.500 will be bumpy partly due to these.
We can observe this in my chart posted above. The huge range today is partly due to these bumpy volatility.
I note that the lines i drew were rather useful. Notice how the high and low of the day coincides with the lines so far.
I will be making use of these lines to plot caution zones.
Well, this is forex after all and of course i do not discount the fact that the trend can turn anytime now too.
The key to this as usual is proper money management.
Tomorrow is Friday! TGIF.
This weekend will be a busy one for me. A wedding dinner to attend and more articles for my blog.
I am a lousy BattleForge player. Folks unfortunate enough to be paired with me for PVP have a hard time trying to defend both of us usually 😛
My feedback vote is ending soon. Do take some time to vote ya?
It is to your left < < < < < < < .