Daily Forex Strategy – May 4, 2016

Obviously we are right in the timing band for a “swing low” in USD ( you already know what that is ) coupled with the bullish hammer in yesterday’s candle.

I’m in short EUR/USD as well GBP/USD – both picked up yesterday / overnight.

These trend changes don’t have to “shoot to the moon” the day of entry, as our beloved friend “sideways” can and will –  always be a factor but…..if you’ve staggered your orders ( this being my first – very small order ) you can sit through the chop a day or two if need be….wait for a larger move, then catch an intraday pullback for your second shot.

It remains to be seen as to whether USD will generate a large enough move to dictate / suggest an intermediate bottom is in, but this looks extremely low risk / high reward short-term.

You can only trade what you see in front of you and “speculate” about the future.  I have a very difficult time formulating “any” long-term LONG USD ideas, but that’s firmly based in my belief that this entire thing is gonna get wacked hard ( and I expect USD to get smoked as well… )

In any case….this is why we call it trading and not investing right?

Jump on a the long train for now.

 

 

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