Just 2 days ago I wrote lazy-man post on the mighty dola (I don’t know how to properly say it with Chinese accent thou)
Dollar Trade Update
Dollar index futures /DX keeps moving up off TDSetup buy as of Jan 14th, position opened on close of bar 9 already generated almost 80% profit – what now?
Now there is immediate TDST Resistance at 78.59, since /dx is on the bar 4 of Sell Setup today I’d presume it will reach 78.59 by the end of this week, but (IF it will complete sell setup) it will not sell off, but rather consolidate (yellow rectangle) and then attempt to break previously tested $78.76 TDST res.
RSI on daily making second attempt to enter “Bull Zone” above 60 and if so happen – the long awaited “buck is not dead” rally might just be upon up.
and today it broke out of resistance, pierced 2 TDST Resistance levels of 78.59 AND 78.76 as well. Depending on ability to close above these levels it might be safe to assume that measured move based on bull flag as of late might take it as high as 80+ OR it will crawl back under the rock and be there for a while.
What is slightly different today is that Basic Materials, Precious Metals, Miners (FCX), Heavy Equipment Makers (JOYG) are buried alive with nothing remotely resembling mercy, Banks falling on this dollar more (common correlation is back – no more easy money – and it is not all about interest rates…sure it WILL follow one day – higher rates)
In such a wonderful day (for me and most of us as we were positioned beeeearishly) I’d like to talk a little bit about MISTAKES, such as
1. Not following rules of the system
2. Trying to keep an eye on too many stocks (that was the whole idea behind now dead “DeMark 9” project – divide big list of stocks among many people making following of SMALLER group of stocks easier and therefore – presenting to the GROUP newly ripe ideas as the time comes. Rest in peace “DeMark 9” – forgotten, misinterpreted…gone
