Turns out that the USD could not make an impulsive move yesterday, only a 3-wave move which telegraphed new lows. This is where Elliott Wave can save your butt. Some people smirk at this methodology, but large players use it quite extensively. In fact, it was Paul Tudor Jones who first got me enthused about Elliott Wave theory in the original Market Wizards. He felt it allowed one to create incredibly favorable risk/reward scenarios. Who can argue with that?
I am anticipating the USD to hit 78-78.25, USDJPY to 79, and will be assessing puts on AUDUSD . . . but am having trouble picking my spot. I can assure you, though, that the QE comments by the Fed's Dudley this morning are not the reason. The owners of the Fed are getting increasingly desperate.
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