Wednesday, July 28, 2010

Quick look at the dollar

Was going through the daily charts, looked at SLV, GLD, USO etc (I wonder if there is such symbol) and everywhere I look I see A-B-Cs on daily, low reward, messy trades.  But Dollar (I know I know – I shall not use dumb Commodity based ETF for charting/analysis – but I am in the poor man's mode…someone called me "cheap"???

So, UUP is in one humongous ABC as well and it looks like it is quite ready to start wB corrective UP – coupled with completed Countdown 13 buy Daily and RSI sitting flat on 40 I might be tempted to start looking for few long /DX contracts.



ANd here is a chart of daily /6E (EURO FX futures) – although it is not 1:1 relation, but 58% weight of EUR in Dollar index is good enough for comparing and the point is – those who traded that bounce (June 6th) off the bottom of the channel and off TDRL of TDST of Countdown Buy – have made a lot of moolah.



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