Saturday, November 10, 2007

BullRunner, following the Market

On Monday I posted the following: 

"Taking a look at the USDCAD=X pair chart, the USD is heavily oversold and has been on a downward ski slope since mid-September. "

At the time I was looking at the fact that Relative Strength indicated that the USD was weaker than a little girlie man and needed to pump up a bit.

Then I predicted:

Today the USD should recover slightly, and for the rest of this week either pull back some more or reverse dramatically upwards. 

I should have said today the USD should sell off dramatically, and for the rest of the week plummet to record-breaking lows and then reverse dramatically with a market selloff on Friday.

The way things are looking, people are going to cash after the Fed's statements, and all of the bad news companies and the media are pushing out on them are instilling a sense of fear and dread.

It used to be that you had to use PIPs and Forex trading systems to trade the USD.  I went to the bank Monday and Wednesday, and they were ready to trade the currency realtime with me, and I could have made money buying Wednesday morning and selling Friday.  When the currency should move no more than 25 basis points during a day, and it ends up moving 3-4% something is seriously wrong.

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