No Trading today after being busted yesterday. More chart reading required. This week I have learnt the importance of sticking with the trend. Only take a counter-trend trade once it becomes the new trend (after a significant TL break, a retest to a lower low or higher high) then the resumption of the new trend!

Dollar May Fall as Rebound in Oil, Stocks Triggers Stop Losses

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By Ye Xie and Oliver Biggadike

Aug. 28 (Bloomberg) -- The dollar may extend its decline against the euro on reduced demand for safety after crude oil and U.S. stocks rebounded, encouraging traders to sell the U.S. currency to limit losses.

The Canadian dollar advanced yesterday against its U.S. counterpart by the most in two weeks as crude oil rose after failing to sustain a drop below $70 a barrel. The Norwegian krone also gained. The dollar depreciated versus most of its major counterparts, declining to the weakest level this year versus the Swiss franc.

“The turnaround in oil and equities set off the moves in commodity currencies,” said Alan Ruskin, head of international currency strategy in North America at RBS Securities Inc. in Stamford, Conn. “Long-dollar positions have been stopped out big-time.” A long is a bet a currency will appreciate.

Looks like the black gold is still in charge then!