Bullish- As mentioned in my Monday Morning Market Open Video US Dollar is topping so I think the decline will continue. It has daily close below support at 98.67. This is not a bullish at all but if you are bullish I would wait until a break above resistance at 99.99 before considering buying a pullback.
Bearish- Yes 100% bears are in control right now although the FED didn't indicate rate hikes in the future. They said they are going to wait and see on the data. So unless inflation scares happen again with Oil then I think the selling will continue. But I don't think we should short just yet!
Why?
Look closely at the gap on the chart. There is an old saying in trading and that is when you see a gap it normally gets filled! Now of course I am not and cannot guarantee the gap will get filled but a large percentage of the do! So I say wait to a rise back 99.40 then short it with stop above resistance at 100.50 or go long the Euro when it pulls back.
Commitment of Traders- they are slightly bullish long 4500 contracts so they are not overcrowed bullish but if they do get overcrowded bullish that is even more of a reason to go against the them because if they are overcrowded to the long side eventually the buyers dry up and there is no one else left to buy. What happens then they all have to start selling to get out!
Good Luck & Always use Risk Management!
(Just in we are wrong in our analysis most experts recommend never to risk more than 2% of your account equity on any given trade.)
Hope This Helps Your Trading 😃
Clifford
RISK DISCLOSURE
TRADING IN THE FUTURES AND FOREX MARKET INVOLVES SIGNIFICANT RISK. ALWAYS CONSULT A FINANCIAL ADVISOR AS HIGH RISK ASSET CLASSES MAY NOT BE SUITABLE FOR ALL INVESTORS. THIS IS NOT A RECOMMENDATION TO BUY OR SELL ANY ASSETS. ALL IDEAS ARE MADE FOR EDUCATIONAL PURPOSES. PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.
CFTC RULE 4.41 – HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING.
Bearish- Yes 100% bears are in control right now although the FED didn't indicate rate hikes in the future. They said they are going to wait and see on the data. So unless inflation scares happen again with Oil then I think the selling will continue. But I don't think we should short just yet!
Why?
Look closely at the gap on the chart. There is an old saying in trading and that is when you see a gap it normally gets filled! Now of course I am not and cannot guarantee the gap will get filled but a large percentage of the do! So I say wait to a rise back 99.40 then short it with stop above resistance at 100.50 or go long the Euro when it pulls back.
Commitment of Traders- they are slightly bullish long 4500 contracts so they are not overcrowed bullish but if they do get overcrowded bullish that is even more of a reason to go against the them because if they are overcrowded to the long side eventually the buyers dry up and there is no one else left to buy. What happens then they all have to start selling to get out!
Good Luck & Always use Risk Management!
(Just in we are wrong in our analysis most experts recommend never to risk more than 2% of your account equity on any given trade.)
Hope This Helps Your Trading 😃
Clifford
RISK DISCLOSURE
TRADING IN THE FUTURES AND FOREX MARKET INVOLVES SIGNIFICANT RISK. ALWAYS CONSULT A FINANCIAL ADVISOR AS HIGH RISK ASSET CLASSES MAY NOT BE SUITABLE FOR ALL INVESTORS. THIS IS NOT A RECOMMENDATION TO BUY OR SELL ANY ASSETS. ALL IDEAS ARE MADE FOR EDUCATIONAL PURPOSES. PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.
CFTC RULE 4.41 – HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING.
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