Day 320: Bottom picking

Profit: -$11.77 Total: $1,356.02

There were talks from RBA, BOE, and the BOC today which made little to no affects in the markets. Draghi is speaking tomorrow which makes me wonder if the EUR/USD can finally reverse and fall straight down. Until the macros get figured out, I’ll be patiently waiting for any kind of paradigm shifts.

For today, I lost money on longing USD/CAD thinking oil will come down a bit. Unfortunately, oil continued to strive higher and UCAD took a lower leg. I’ve lost some equity this month trying to bottom pick the dollar. Bottom picking is a nasty business that requires stealth and judgement. One has to be quick to abort positions if wrong and needs to carefully analyze a market bottom followed by a reversal. I’m carefully awaiting the dollar to find support and show signs of a new upward trend. 11737 is the last support I’m seeing, if this breaks, not sure if we’ll see a recovery for a long time. However, judging by the EUR/USD and GBP/USD, I think a dollar bottom is soon to hit.

These are the levels I’m watching now.

2

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