Subscribe Now

Thursday, January 28, 2010

Dollar Update

There is no question that the trend is up. I do have some doubts relating to the short term movements.

I don't know if we're in the final wave up since the low making a complete 5 waves up and the first wave up (1) therefore starting soon a wave (2) correction or if the correction we had for most of January was actually wave (2). If this is the case we're in for a powerful move up since 3rd waves are the most powerful ones.

I'm still long the Dollar even on my short term stuff, and since I cannot know for sure (I am 50-50 on both scenarios) I just let me stops be triggered if that's the case.

Anyhow, here are the charts for my 2 scenarios:

  


As for S&P, I had the timing very right yesterday unfortunately 1115 was not achieved and it only reached 1108 off market hours. Anyhow I'm happy with a 20 point profit anyday of the week. Near term, the juncture is the same as USD index but in reverse...

If we see momentum surging both in S&P and USD Index, then the wave (3) scenario will be my main preferred one.
blog comments powered by Disqus

Live Economic Calendar Powered by the Forex Trading Portal Forexpros.com
Disclaimer: The information provided on this website, while timely, colorful, and accurate, is not to be taken as financial, legal, tax, psychological or any type of advise. The purpose of this website is to track the progressions of human herd psychology as it is reflected through several financial markets. Any commentary on this page, however useful it may be, is used for illustration, and to inspire thought provoking discussion, and not to be taken as specific trade recommendations. We are not endorsing any site or service, nor are we promoting choice examples as real-life trades. If it sounds sarcastic, it probably is and if it offends you, just don't read it. There are tremendous inherent risks in attempting to trade any market using any vehicle, particularly if it is leverage. Please contact your broker to explain all risks involved in the vehicle you will be trading and any questions you may have.

Back to TOP