It’s a waiting game for this week. Correction is still on going and we can not tell how long it will take. All I can say is, the inconspicuous forces are managing the movement in orchestrated manner and most of us don’t know about it. It can be seen in the Currency Force Analyzer - Anakin Edition.
In the mid-term or long-term, probably 6 months, GBP, AUD, and NZD are still bullish and JPY, CHF are bearish. For those of you who has a buy-long open trades on GBPJPY, AUDJPY, NZDJPY. You have 2 choices.
1) If your buffer can stand another negative 300 to 500 pips, keep it open. I’m not saying that the price will still move downwards to 300 or 500 pips. All I’m saying that it is possible to be there. It is also possible that today or this week correction is over and it will move to the right direction.
2) You can cut your loss or hedge and prepare for the rebound.
For long-term traders with no open trades, you can start buying in small lotsizes. Target price is all up to you, 20 to 100 pips are good ones. This unforeseen currency forces are one of the topics in my upcoming Forex coaching event, Forex Trader’s Camp. PM me in Facebook (OK Pinoy) to learn about the details of the event.
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