TAKING ANOTHER SHOT - What an exhausting Wednesday that was! I couldn't believe the pace of those declines in the Euro. The currency smashed through the measured move objective of 1.0665, trading into the 1.0500s thus far. I was distracted a good deal trading in and out of EURGBP as well. Overall, the price action has been great, opening a lot of good opportunity. I continue to like the idea of looking for a short-term reversal in the Euro, and just took another shot at 1.0578 (remember - I bought some at 1.1000 and was stopped just below 1.0900). I figure buying +300 points lower within a matter of days makes for a different trade, and one that is clearly even more compelling than it was that time. Whether it works out or not remains to be seen. All I can ask for is good setups.
C'MON YELLOW METAL - Speaking of looking great, AUDNZD is looking real nice, and though it is still early in the game, the trade is moving along and trying to carve out that critical base I'm looking for. Elsewhere, I have been trading in and out of gold, looking for good buy on dips opportunities. So far, the process has been uneventful, though I am long again from 1153. Fundamentally, despite the weakness brought on by US Dollar strength, I think there is plenty of upside for the yellow metal. We are in a world with central bank policy extended, currencies losing value each day, and global equities rolling over. To me, this is a good reason to be invested in gold and it is only a matter of time before this market takes off.