Loading ...Wow – US Dollar In Freefall
Trump announces sign off on phase one Chinese trade deal ?
Fed now on supercharged QE4 ?
Exit polls suggest a decisive win for Boris Johnsons Conservative party causing the Pound and Euro to strengthen ?
All of the above have happened and the Dollar just broke horizontal support decisively.
No matter the reasons, our jobs as traders is to make weighted decisions, skewing rewards vs risk ratio in our favour. Your technical approach has been on par so far. Good work.
Indeed Patrick – as I’ve often said, the charts speak for themselves.
This is a surprise as the DX was up all day but has just had this fall within the hour.
This time of the day is typically very low trading volume
I’d still like to know the cause.
AND Gold is NOT rallying here…in fact it’s dropping as well
Gold was allowed to rally with the $US to dampen the strength of $US against the Euro and buoy the CRB index. One needs to step back and look at the big picture. Nobody wants the $US to go parabolic. The members of the tent need to step back and re evaluate the global macro environment as it changes. It’s not just about $Gold IMO…. I’ve been commenting on it recently especially with respect to the GSR……
From what I understand about Armstrong’s big cycle in Mid-Jan 2020, whichever way we’re going into that turn point things will change hard the other way.
Be interesting to watch how we move into this… and if indeed it switches directions hard for a month or years like he eluded to.
Chuck when has an Armstrong “call” ever helped in your trading ?
He is way over rated
Hardly anybody here follows his BS any more because it is written in gibberish.
Just follow the charts
Show us a Dollar Chart that says it will go up in January and maybe we can have that discussion.
You are basing your faith in this “forecaster” on what ?
IMHO he is No guru…just a shyster
Summary of following comment: It’s a tough month what with odd things going on and these charts of yours help.
As usual, your charts are interesting and easy to use. Even if the implied conclusions are wrong (I don’t think so) the way the charts are laid out would make it pretty easy to take advantage of any divergence of emerging reality from the charts (ie, they’d be useful even if they were wrong).
This particular month is a tough one. End-of-the-year trading and lighter volumes (especially in coming weeks) mean all sorts of distortions and anomalies, followed by distortions in the 1st days of January.
Big news such as tonight’s important electoral results and news of trade war events cause short-term market changes that are extremely tough for anyone who isn’t a good self-training AI algorithm hooked up to make instantaneous trades. Underlying weirdness such as the social struggles manifesting themselves in France also can get exaggerated in the market this time of year. It would be easy to go crazy buying and selling right about now. It’s really useful to have good aids in longer term planning so as not to get thrown around by short term stuff. These charts do help. They suggest a plan and give a rationale behind it. They’re easy to look at, but they’re not just some arbitrary black box delivered from on high.
Appreciate that Karl. You’ll NEVER hear me saying my view is guaranteed to be correct. I’ve been forecasting the future (weather & climate) for the last 32 years. That’s long enough to know that the future is a series of probabilities – like branches on a tree, all leading in different directions. All you can hope to do is make an accurate assessment of current conditions, develop your ‘road map’, lay it out and follow it carefully, looking for anything which suggests your map is wrong. Keeping a completely open mind is key. Without that, it’ll be too late by the time you realise. I’ll always try to be clear with my support zones. Moves below that should always set the alarm bells ringing. 2020 promises to be very rewarding for PM bulls (according to my road map).