The USD/JPY long trade I had yesterday was correct, I was just too early to exit. I really need to draw out every support lines and then adjust my stop loss accordingly. Today was a bad day for the dollar after the Feds shared their views on a poor outlook for our 2% inflation. The odds of a rate hike dropped to 33.6% from 43.8% and thus killed the dollar. It looks like the dollar recovery is over and the dollar bears may take over.
Tomorrow’s FOMC and for the majority of NY session, Dollar showed weakness. EUR/USD went higher, USD/JPY had a dip, and GBP/USD relatively stayed the same. The levels where USD/JPY and EUR/USD are at now, it looks like tomorrow will be a make it or break it for the dollar pairs. One huge mistake I made today was trying to long USD/JPY while it was going against me. I’m still looking for a recovery bounce and will long USD/JPY overnight.
The dollar had a down day today giving dollar baskets a breather. Tomorrow’s CPI data for the U.S. may rescue the dollar bulls or can end this reversal. USD/JPY broke some major support which may attract more sellers. I lost a few scalps on EUR/USD shorts and the pair is recovering. Next week should be interesting for the dollar, especially the USD/JPY.
I was expecting to see some dollar recovery with the opening week but had no luck. Overall, the market was very boring and was stuck in a tight range. Dollar doesn’t look too good and EUR/USD is on it’s way to recovery before the U.S employment news.
The dollar is still carrying it’s weight especially with the USD/JPY creeping it’s way up. The dollar bull’s attempts are still pretty weak but it’s showing some signs of growing strength. There’s some heavy BoE news for early tomorrow that’ll definitely have an affect in GBP/USD. Lets hope the markets keep it juicy.
The dollar bears go for another leg down and the dollar pairs continues to make new record highs/lows. It’s looking tough for the dollar to find a support but it’ll be sooner or later. For now I’m scalping small moves within small time frames and waiting for a bigger macro moves within the market.
Today was one of the most boring trading days we’ve had in a while. The dollar is at a detrimental low but a lot of traders are looking for a bounce recovery. The EUR/USD looked like it was about to dip today and tricked me into shorting it prematurely. Going to have to wait for prices to settle and to pick a direction to move.
The week finished off with dollar going lower. USD/JPY made a new low as well with EUR/USD making new highs. I was definitely off with calling a dollar reversal and with the GBP/USD pullback. Although I do still feel like pound is readying itself for a pullback as well with the Yen. So instead of focusing on the dollar, I think next week I’ll focus on Yen longs and Pound shorts.
The dollar is looking much better since the beginning of the week, but the pace of it’s recovery is still really slow. Although I predicted the direction of the dollar correctly, it’s the timing and scalping that’s been tricky. It’s really hard to trade counter trend and during a really slow market. On the bright side, if this continues for the dollar, there’s plenty of pips to be made during the EUR/USD, USD/JPY and GBP/USD pullback.
Many traders, not just me included, have been waiting for the dollar to bounce the past couple of days. EUR/USD especially is at a crucial zone where a reversal can be quite possible. Yellen hasn’t been the best at boosting the dollar during the conference but the U.S economy is surely improving. Right now I’m scalping the dollar dips and waiting for a confirmed reversal.