Profit: $3.07 Total: $1,307.09
As stated on Friday, the dollar truly does seem bottomless. The daring traders who are bottom picking the dollar are getting taught a lesson. The EUR/USD and GBP/USD are making new highs while USD/JPY is nearing 105 levels! The BOJ did state they will intervene around 105, so this is a major price area to look at. No one could’ve guessed how severely the dollar would’ve been punished just by Yellen’s dovish demeanor.
The dollar is at such an awkward position. It seems way too oversold to short it at this level, but it seems like a death wish to long the dollar. The most I can get out of this funky market is a couple few scalps and call it a day. The smart thing to do is wait for the reversal or a pullback for another short. Patience is key, either scalp the trend or keep a close eye for a reversal.