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Hi ...
Well feeling very torn today, as I pegged the dollar to run to 68, but not till tomorrow, so feeling vindicated and raped at the same time. ie. I did not play it the best as I would of liked. ( Got burnt going short actually... lesson learnt: drop the ego, trade the chart not the theory)
Speaking of theory as you fellas are, I subscribe to a couple of reports, more general rather than currency specific, which I find gives a good overall view of the market as well as some specific stocks (in addition to currency outlook)
Something to look for re. the USD according to one report..
Stronger above ML65, finding support on ML65 and trading at 67, there needs to be more price action above ML65 to work out if this is some type of short term low. I have been looking at the US Index stalling at 88 with resistance at ML9 this is the key to our dollar and the current Gold market
This is from Tradinglounge.com.au which I have only just trialled this week, (you can free trial one week). However he seems pretty legit, (affiliated with CMC I believe).
The other site is thechartist.com.au, which is very good. I went to his seminar and he explains things very clearly. Anyway, he has the dollar tracing back possibly to 78-80. No time frames of course, but given it is a down by the escalator and up by the stairs, then it may take a little while. So, at a guess say within 4 to 6 months.
Obviously these are the longer term outlooks so not much use for us ADHD types.
Next port of call is 70cents. I'll be looking for longs, taking nibbles here and there on the way. (wished I'd done so yesterday .... can't say I wasn't influenced by the reports posted above (thanks NT ... arggghhhhhhhhh) but hey the only person making the decision was me, so no finger pointing : another lesson learnt- he who pulls the trigger must carry toilet paper sic. confucious.... :0)
Re. the US - as I posted above... Thursday is the bear day, so accumulation day Friday tomorrow to finish green in the last hour, to pump the market for a run on Monday. This may see the dollar lose confidence today and at the open of the US as they should open lower primed by lower futures forcing the baby bulls to lighten their loads to the big boys who can pump it through til close
Maybe, maybe not? If it does then I'll start my own fx web site and start charging... LOL :0)
Anyway, as I've learnt, throw all that crap out the window and stick to the charts.
Cheers ... ave' a good one and don't forget the aeroguard.
