Big extreme moves
Pretty interesting moves in the currency markets the past two weeks. EURUSD has been shooting up the past two weeks and hit another all time high at 1.5900. USDJPY also made new lows, along with USDCHF. So today, with the big Fed rate cut decision we really saw some big retracement today, with USD strength (for a change). So after a huge fundamental news announcement like this, I really have to sit back and reevaluate the market and conditions. Big reversal time or is this merely retracements?? Commodities too came down in price today: oil and gold. So now I may step aside for a day or two or just take smaller intraday trend trades and be quick about taking profits until I see a clear picture again of trend. Its perfectly fine to stand aside and wait for the market and charts to tell me which way to trade.Â