May 302011
 

I just want to clarify one little thing about my comments posted yesterday. Traders should understand that there are times when the road forks, in a manner of speaking, and the crowd chooses to follow one or the other route. If you understood my philosophy of trading, then when such forks show up, I would choose a nice cool spot, and take a break, and let the crowd do their thing. The EUR/USD has reached such a fork. When I cannot decide whether what we just finished was the first wave of a new downtrend, or the C wave of a 4th (implying one more impulse wave up), I don’t want to be exposed. What I did yesterday was to point out to you that the road diverges here.

Recall there were many instances when I was taking a clear stance, with recommended entry levels, and downside/upside targets. Those were occasions when the road is well lit and having few bumps on the way. We should join the caravan when there is such clarity.

  3 Responses to “EUR/USD update”

  1. Very nice remarks. I have just begun to follow you and I look forward to future posts.

  2. Perfect thought process. Yes as a trader we can get obsessed by the first round of observations and yes right now the crossroads need to clear up.

 Leave a Reply

(required)

(required)