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Broker: Advantage, Trading Technologies, OptionsCity, IQ Feed
Trading: CL, NG
Posts: 1,038 since Jul 2010
Thanks Given: 1,713
Thanks Received: 3,863
No worries, I completely understand what you're saying here. If the USD were to lose it's reserve currency status, then obviously there would be a massive market event but I highly doubt that it would happen overnight. If we remain reactionary to the events that are unfolding and trade what we see on our screens, we will be far ahead of the average Joe's out there. I know a guy who is literally a genius and he has been predicting that China will be the new world power and their currency will potentially take out the USD as the reserve currency. I'd rather wait and see on that one though.
Jim Rogers isn't the only one who has been short the USD. By simply looking at the daily chart, it's a clear no brainer to be short the DX. I think this has a lot to do with the Fed and their obvious debasement of the USD. If you look at the chart today (daily interval), it is in a bit of a wedge pattern. I think there's a big move brewing here. Will it be risk on or risk off? It appears that the moves up are weakening with every attempt. If it were to break out below again, obviously we would be risk on and we would see equities and commodities rip higher. We'll have to see how it goes though.
Thanks rcabri...now I'm feeling bad. I see you're from Switzerland. I'm sorry about using launderer and Switzerland in the same sentence in a previous post. I have to remember this is a global forum....sorry.
"Faith is the substance of things hoped for, the evidence of things not seen." --- "Therefore, I Believe it and I will see it. And every day and in every way, I am healthier, wealthier, and wiser."
No problem rtrade I do not care and by the way the Swiss are the first of the class against laundering now, the laundered everything in the 60' 80' but was another world.
Roberto
Still have original ES position, and the NQ traded like i expected. Double bottom.
Still holding the NQ.... Light position. Will scale one out about 40 points above near 2380, the next one will be at previous highs. My stop is not too far below.
Yea, i wasn't expecting such a big move so quickly to be honest. I just scaled out passed my intended target. Still have half position on the NQ now and half on ES still.
Broker: Advantage, Trading Technologies, OptionsCity, IQ Feed
Trading: CL, NG
Posts: 1,038 since Jul 2010
Thanks Given: 1,713
Thanks Received: 3,863
I would say that this is a continuation of a measured move to the upside. ES retraced to it's 61.8 level on 7/18 and bounced higher. You can also see that there was buying interest at the 50% level so should this play out, we should be seeing new high's. That is of course if nothing bad comes out that would turn this around. At this point, the market ignores bad news and goes sky high on good news. Also, the market has blown through the 61.8 level from the recent high of 1354.50 but it appears to have hit resistance at the 78.6 level which is also last week's RTH high area. On the daily chart, there is also another wedge formation which could provide for a big move.
Hi, do you plan on going flat on all your positions today?
"Faith is the substance of things hoped for, the evidence of things not seen." --- "Therefore, I Believe it and I will see it. And every day and in every way, I am healthier, wealthier, and wiser."