Man, What a Day...

Hi All,
Man, what a day!! The day started off as normal, in fact it started off better for the crosses than any of the days so far in this week. And it was after the start of the US session that the crosses were ripped apart. Till that time, they were doing well and lot of traders would have got in hoping to see new highs as all things pointed in that direction.

The USD seems so weak nowadays, so weak that it cant even seem to be able to stand up and rise against the yen which is the weakest currency. Some turnaround is needed for the USD for the well being of all the other currencies. The crosses were dragged down by the USDJPY cos as all of you can see, the GU held well and so did the EU. The USDJPY dragged down the crosses. The GJ crashed through the 23.8 fibo (where i had expected it to find some good support) and finally ended at the 38.2 fibo of the last wave.

Now i feel that there should be good support at this point and this support should hold over the weekend. This is why it is always good for have good money management so that you can buy at important support and if you can manage to do that, you can never lose in this game.

Just knowing the S and R and also having good account balance and money management skills should ensure that you are profitable in the long run.

Happy Trading!!!