I'm watching the US Dollar. Itís back in the Fib areas again and at some stage it could strengthen. If it does then I'll pick the pairs that will benefit.
The way I look at things is like this. I'll do some analysis and think there is a scenario which could play out. If it does then I'll trade it.
I wonít trade it until the timing is right in the time frame I'm looking at.
What happens with average technical analysis guys they think something has occurred, create a belief, jump in then get stopped out, jump in again get stopped out and when it does happen they're not on it. Their timing is not so hot and they get burnt.
Many times of course something looks good but itís a fake and they get really burnt because they have just been fooled by the market. Timing is everything.
So I can see the Dollar index is back in the Fib areas and could strengthen but I'll wait to see what is happening in the time frames I'm watching.