An unsuccessful day from being too cautious. It was a Monday, went to a rave on the weekend and wanted to start things slow. Friday was NFP, we had a mixed movement from a lower than expected number; Dollar went up, then straight down. When London opened, dollar was attempting to recover but couldn’t find enough momentum.
I started the day off shorting the dollar. All was going well, profits were slowly building as I was scalping shorts. Before any big short moves happened, I closed my account and tried to scalp long dollar when things started to slow down. Just as I switch from short to long, the market gave a forceful downward push as the dollar keep giving in. Little by little my earlier profits were becoming break even, then into negatives. I saw some supports on some pairs which persuaded me into holding my long dollar, after all I’v gotten burned pretty bad by shorting dollar.
The market eventually took mercy and the dollar was able to catch it’s breath. I’m still holding my dollar as I think it can recover and push a bit more to the upside. The dollar is pretty up high in the overbought zone with not much news this week, compared to last week. Let’s see if the dollar can maintain it’s levels.