I just want to clarify one little thing about my comments posted yesterday. Traders should understand that there are times when the road forks, in a manner of speaking, and the crowd chooses to follow one or the other route. If you understood my philosophy of trading, then when such forks show up, I would choose a nice cool spot, and take a break, and let the crowd do their thing. The EUR/USD has reached such a fork. When I cannot decide whether what we just finished was the first wave of a new downtrend, or the C wave of a 4th (implying one more impulse wave up), I don’t want to be exposed. What I did yesterday was to point out to you that the road diverges here.
Recall there were many instances when I was taking a clear stance, with recommended entry levels, and downside/upside targets. Those were occasions when the road is well lit and having few bumps on the way. We should join the caravan when there is such clarity.
Very nice remarks. I have just begun to follow you and I look forward to future posts.
Hi John, Welcome aboard and as Bob often writes, Good Fortune!
Perfect thought process. Yes as a trader we can get obsessed by the first round of observations and yes right now the crossroads need to clear up.