Let's examine the chart of the US dollar index:
1) trend still to the downside
2) 20 day moving average (DMA) still below 50 DMA
3) I would become bullish only if the 20 DMA crosses 50 DMA to the upside
If we zoom up, we can however see this special candlestick highlighted in yellow: buyers showed up at the 76 support. This might be a signal for a future reversal. However, as long as the two 20 and 50 daily moving averages do not cross, I will not enter in a bullish position.
Hello Blastradius.
ReplyDeleteI watch this website every day.
I wonder how long you will sustain this position :
On Forex:
- Short GBP/USD @1.5983 (stopped out @ 1.6050)
- Short GBP/USD @ 1.6095
while saying that the US dollar index's trend is still to the downside.
Regards
A newbie.
GBP/USD is in a sideways market right now, roughly stuck between 1.57 and 1.61. Good time to buy around 1.57 and short around 1.61 if you are an intraday trader. But I have no time to update my blog several times a day: too time-consuming.
ReplyDeleteI believe that GBP/USD is bearish in the longer term and, when it goes outside its sideways channel, it can easily reach 1.52-1.53. That is why I keep a short GBP/USD position for a position trade. When markets will stop going up (and this will eventually happen), the US dollar index will go up and the Cable (GBP/USD) will go down.
Now i see
ReplyDeleteOn Forex:
- Short GBP/USD @ 1.6095 (stopped out @ 1.6095)
I am eager to see when you will jump again into Cable (GBP/USD)...........
Thanks
newbie
Hello Newbie,
ReplyDeletejust for your info, I have again entered in a short position GBP/USD at 1.6570 last Friday which corresponds to the monthly resistance (Mo R1) in this currency pair (I follow the pivot points).
If you look at the weekly chart of GBP/USD, you will also notice a nice "shooting star" candlestick pattern, which is bearish.
Cheers,
Blastradius