We have been bearish on the stocks and 'risk on' currencies since early June
2011. This means we had to bullish on the US Dollar. I mean who would of thought
to make a positive return in June that the asset class to be in would be USD,
well bluntly we did. Sure Hurst cycle theory gave us the reason to watch the
USD but thats not a reason to be in it, after all we have a small account,
we have to wait till the big boys start buying the USD (or short covering)
thats Wyckoffian logic, now if the trend has legs that will be Gann logic.
At the moment the USD looks like its done a double bottom, its not yet taken
out the previous high, but it sure looks like it will. We agreed with John
Taylor of Fx Concepts and Felix Zuluaf that the next three months would be
risk off and dollar strength, we just need to see the big boys trading accounts
start see it this way as well. So far so good. But its true the fat lady has
NOT yet sung on the end of the down trend for the USD, but she is warming up
: la la la ..
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