Dollar Index 240-min. close > 76.7 pump it > 77.1 & then 77.3 A daily close > 77.55 = daily trendline + penultimate sub-wave breakout topside. pick your own vehicle, Euro$, Sterling/$ or others for the short. Lead horse could still be Sterling, but Euro/Sterling showing signs of correction, so engine could be Euro$ short.
GBPUSD short 1 L pend 1.5694 stop 1.5847 TP=1.5046 = minm. H&S target. also will add to short @ 200-pd m.a. on 4H = daily H&S neckline @ 1.6200 if we get there.
My dollar Index analysis: positive signs: DSI = 4% dollar bulls now, 6% at the March'08 bottom. More talk of reserve currency status lost = music to my ears $ bullrun actually started March'08, still going strong despite everyone focusing on current crash Fib 78.6% support still available to arrest crash. Macd nice +ve divergence (daily) + Macd trendline breakout already occured Oct 1 just one +ve price bar could hammer the Macd hist. trendline from Jan 21-09 for a breakout topside. Hist. does not lie.
OK. I don't know what I'm doing, I lost the chart - did the browse, got the right one and then, gone.
Harsh but funny. I would like to see how this plays out, I nibbled on a a few DX longs and have not been stopped out even though we are coming close.
Wait for DX to base and breakout to the upside. This can take months or years. Once it happens it can develop into a very powerful move that will give plenty of opportunity to enter. I have 77.815 as a stop on DX short. So let's breach that FIRST before even considering a long entry. Why suffer trying to pick a bottom?
Then I'd better get this in quick before anybody loses money - I've just started out with realmoney trading - only 3 trades under my belt; study and demo completed. I'm going to keep trading sizes under 1 Lot pref. building from 1 mini-Lot & scaling in if correct. Personal preference is 4H and daily. Want to catch the wave and ride it for months if I can get the direction correct. deadbroke is my first name, Novice my last.