Quote:
Originally Posted by John Kicklighter
My long orders triggered this morning at 108.65. Already took my first target at 109.60.
Don't know what I want to do with the second target. Perhaps a hard target far away and trail my stop and keep up with a trailing stop (though not to close as there is no doubt going to be retracements int his environment.
Watching EURJPY and GBPJPY closely to see if they can follow suit. I am still skeptical of the dollar's ability to drive a pair that is heavily influenced by its carry trade affiliations.
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Very perplexing price action. I am wondering how much higher will trigger a big profit taking sell-off. Not very often we go through the daily Bollingers like this without a sharp reversal before continuing. The whole thing seems like a huge feeding frenzy of sentiment out of Euro, etc. Seems like that could go the other direction just as quickly. Looks like a genuine break out though -- should stay above 108 for a while. Perhaps settle into a "higher range" if it holds.
I am thinking that we reached the pivot point at which the US recession is overshadowed by the recessions it has set off abroad. Now the real money piles back into the USD to escape them? I would think this will reversal down the road when our recession deepens and again looks much worse than abroad (or some financial collapse looks imminent again). Land mines aplenty.
