The 81.7 level is still capping the USDX...for the time being at least:
You can tell I'm bored....this song came to mind just now when I was looking at the cloud chart for the EURX...up or down....we've gotta get out of this place.....
http://www.youtube.com/watch?v=LUpBSvN1a50
http://www.youtube.com/watch?v=LUpBSvN1a50
The USDX is struggling at the 81.70 level:
BTW: I have updated my Stocks: Aug page with my Coca Cola KO trade.
Comments from CNBC. Key Points to Look for in Bernanke’s Jackson Hole Speech
Worth a read! http://www.cnbc.com/id/48849719
I'm up early today so as to roll some options out. The indices are still just bouncing along. The USDX bumped up into the 81.70 level, previous strong S/R, and has paused a bit:
Price is still stuck in the daily cloud on the EURX chart:
The A/U has fallen and tested the bottom trend line of its descending broadening wedge pattern. This technical pattern will most likely be over run by fundamentals though with outcomes from Friday's US Fed meeting:
I did receive signals over the last day or two on the A/U and A/J. They each gave a maximum of 50 pips. I had a signal on the Loonie too which gave about 30. I didn't take these trades due to the Ichimoku Index patterns. Yes, sometimes you miss a winning trade by following this rule but I think that is better than getting into more losing trades that whip saw around. The benefits of this rule have far outweighed any negatives.
Personally, I don't think there will be any new commitment to QE3 from this meeting. This will probably send the USD higher and drag all risk on assets down, for a while at least. Just my 2 cents worth!
Personally, I don't think there will be any new commitment to QE3 from this meeting. This will probably send the USD higher and drag all risk on assets down, for a while at least. Just my 2 cents worth!
Not much to report...again! We're still in the mess of the EURX daily cloud:
I've actually used this quiet time to write up an 'About Me' page. You will see this as a tab above. I have only recently been in a position where I could publish this information.
Nothin' new...waiting waiting!
It is no surprise to me, or the rest of the world most likely, that little happened trading-wise overnight. The USDX continues to creep along, just above, the weekly bull trend line:
This lack of movement has meant that the EURX is still embedded in the cloud on the daily Ichimoku chart:
There was some good data out of the US overnight and I'm beginning to think that there might not be any significant QE3 news come out of tomorrow's Fed meeting. Then, Monday is a public holiday in the US and Canada.
I'm at the hospital today so may not update for a while. Not that much is likely to happen anyway!
I'm at the hospital today so may not update for a while. Not that much is likely to happen anyway!
Not much has changed since this morning. Read the earlier post.
The Euro had a little rally during the London session overnight. Why? Not sure but here is what FX News thought could be possible reasons:
Selling more Spanish bills at auction, perhaps the news that Draghi is skipping Jackson Hole to concentrate on the work load, and Fitch’s Riley saying the US AAA rating was in jeopardy, are cited for helping to contribute to the rally in the EURUSD.
The indices charts are looking really interesting at the moment. The USDX is back down at the major weekly bull support trend line:
The Ichimoku cloud charts are getting very interesting too. The USDX is already out of its cloud and the EURX will emerge from its cloud soon too if the current risk on trend is maintained:
Now, some girls get excited about shopping etc but me, these charts are what is exciting me at the moment! The USDX sitting on a major support level and the E/U nearing a major resistance level:
Now, if the E/U continues on this path it will be starting to print a chart pattern that might conform to the monthly inverse H&S pattern I've been posting here for AGES!
I'm not making predictions here at all. Market sentiment could move either way and I suspect that Friday's Fed meeting will provide momentum to kick start the move! It will just be much easier to gauge though with the USDX and the E/U at major trend line S/R levels. Exciting stuff for sure...for me at least!
The other really exciting observation for me is that the ADX and DMI lines on most charts are all below, or heading down towards, the 20 level. This will make any new trend so much easier to assess. Hog heaven for an ADX junkie like moi! Consequently, I don't have any 4 hr TS trend signals on my charts. As usual in choppy markets like these, there were some signals on the shorter time frame 30 min charts overnight. There were 60 pips possible on a 30 min TS trade on the E/U last night:
I won't be updating much here today as I suspect that very little will happen.
I'm lovin' the Ichimoku Cloud daily charts on the indices!!!!!! One quick look at these charts and I can tell immediately whether conditions are right for trading or not. Kinda like weather forecasts for fishing I imagine. Anyway, these charts have taken ALL the frustration out of these choppy markets for me:
I've been spending the time charting some stocks and getting spreadsheets and assessment sheets up to date. This all kind of stalled early last year when I got sick. I think Friday might be a trigger of some sort and I'm getting ready to play it with some stocks.
The markets are still fairly choppy and directionless. The indices are camped under their respective weekly pivots:
I still suspect that things will remain in limbo until after the Fed meet and make whatever announcement they deem fit!
I'm still watching the A/U:
and Gold:
The indices continued to chop around last night:
Price action on the pairs has been rather choppy as well and I don't have any 4 hr TS signals. I, again, would have expected this given the EURX is embedded in the Ichimoku daily cloud:
The Ichimoku daily cloud on the USDX and EURX is proving to be a fantastic bell weather warning of when it is best not to trade!
The indices are still bouncing around. I don't have any TS signals on the 4 hr charts. Not surprising as, even though the USDX has cleared its daily cloud, the EURX is now stuck in its daily cloud:
I forgot to post these charts over the w/e. A triangle breakout might be brewing here if 'risk on' gains momentum:
There hasn't been too much movement today during the Asian session but this is hardly surprising. In fact, I wouldn't be surprised if little happened all week given the Fed don't meet until Friday at Jackson Hole. This is a long awaited meeting with many holding hope for some QE3 announcement. There is actually very little scheduled red flag news on the trading calendar for this week so it could be rather aimless! The indices have little to show for their day:
I am going to wait until my indices charts open and, possibly, until the European markets come on line so as to assess the direction of the USD. I was having another look at the A/U though this morning and have re-assessed this pair. The bull trend line was broken so I've had some more thoughts on this pair now and drawn in new trend lines. Price action on the daily chart looks, to me at least, like it could be printing either one of two bullish patterns: a bull flag pattern or a bullish descending broadening wedge pattern:
The A/U could still fall a bit further though and still conform to either of these patterns.
A rising USD though will most likely put downward pressure on the A/U and on Gold. A falling USD will most likely boost the A/U and Gold. Note that the USD bounced up off the weekly bull support trend line late last week:
Also, whilst logic says to me that the USD should rally relative to the Euro etc, there is currently more resistance in the path of a rising USD than a falling USD! The USD would have to battle back up through the Daily Ichimoku cloud, the weekly and monthly pivots, the 4hr 200 EMA and, also, the 82.65 level which is previous S/R if:
Remember that Gold has had a triangle breakout now but Friday's candle was an indecision Doji:
So, I'm watching the USD, the A/U and Gold to get my pulse of the markets. Many traders are saying that the Euro should fall so they're only looking for 'risk off' trades. I have my opinions too BUT I'm going to (try to) trade what the charts tell me...long or short....
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