I am positioning for the dollar to begin weakening again. Sure it is not what you are reading on the right side of the board here with all the stories but that is exactly the point. Ask yourself a simple question, "Why am I buying the dollar?" It has been a story of..."Well armageddon and the dollar is the best of the worst"
I think the dollar play is wearing very thin personally. Look at a long term chart and you will see a secular downtrend in the dollar, no one can argue this. We are printing dollars like there is no tomorrow. Consider the facts of supply and demand. And what if oil doesn't stay in the $30-40 range???
One lesson for newer traders is that when everyone is onthe dollar bandwagon, like NOW!, then the play is wearing thin. Don't get sucked in. Use your own intelligence and don't rely on those who simply report what is already widely known. It is hard to make money following the herd, but sometimes (not always mind you) once the herd is aware, the logical traders are exiting and beginning to position against the thin supply of buyers remaining. Just some food for thought.
Short USDJPY @ 93.65
Long EURUSD @ 1.2550
Short USDCHF @ 1.1740
Short USDCAD @ 1.2570 (Long Oil)
I think the dollar play is wearing very thin personally. Look at a long term chart and you will see a secular downtrend in the dollar, no one can argue this. We are printing dollars like there is no tomorrow. Consider the facts of supply and demand. And what if oil doesn't stay in the $30-40 range???
One lesson for newer traders is that when everyone is onthe dollar bandwagon, like NOW!, then the play is wearing thin. Don't get sucked in. Use your own intelligence and don't rely on those who simply report what is already widely known. It is hard to make money following the herd, but sometimes (not always mind you) once the herd is aware, the logical traders are exiting and beginning to position against the thin supply of buyers remaining. Just some food for thought.
Short USDJPY @ 93.65
Long EURUSD @ 1.2550
Short USDCHF @ 1.1740
Short USDCAD @ 1.2570 (Long Oil)