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Originally Posted by bearprofits
Traderpierre
Hahahaha, I don’t recall stating my reputation on the fact that 1.30 would not break. But it did make sense that the .618 price retracement in concert with the .618 extension in time of the 04’ dollar run would be a nice reversal point, which that area held in range for a good time. (Btw, there were other professional sources preaching the same ting) But when it broke, it broke decisively, took a retrace to the backside as support and hasn’t looked back.
I agree with your assertion that the Central banks will act in unison, but I’m not sure they will be able to stop the tide, but more try to form a cushion for a softer bounce. Make no mistake the market is theirs, but the US is in no position to make any sustained effort with it’s reserves so it will need the help of the others…. They have already tried with no effect so I doubt they will be able to form an impenetrable wall. But more of a series of statements, cash liquidity infusions, and credit manipulations to slow the rapid advance.
As for the EU, imho, it’s still fragile and for many of it’s members, a strong Euro is not what they want.
I remember the days of BOJ intervention, but this is different as the US financial markets are teetering on the verge of a major correction.
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Bear, I wouldn't know where to start to reply to that post there are so many misguided points!
On the plus side at least you have yourself an opinion.
Good luck & good trading
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