Could DXY be following a pattern painted over 2017-2018 ? To many extents, it could be and if so, a 3% + drop is incoming.
From its over 28% rise in 2017, DXY then retraced back around 10% where it bounced off the 0.5 fib line and rose 3.9%, where it once again got rejected and dropped a further 6.7% to the 382 Fib line, where it bounced slowly and eventually ranged
DXY PA has just risen 28%, Got rejected, Dropped 10% to the 0.5 fib line, and bounced and is currently approx 3.9% above that bounce - IF PA get rejected, it would once again reach the 382 line with a 6.7% drop
Technically, on a Weekly chart, the MACD is turning Bullish, which points towards a rise, eventually. BUT on a Weekly chart also, we have a very overbought StochRSI, it can range and is created on shorter term timeframes Averages Lets look at lower timeframes. On a daily chart RSI is overbought, MACD approaching there, StochRSI been very overbought and ranging since End of Jan - points towards a drop incoming 4 hour MACD turning Bearish from overbought, RSI already dropping but Still above 0 - HOWEVER, on the 4 hour, the StochRSI is very oversold and turning bearish -THIS could lead to support
Overall, I think PA will drop further unless some Fundiementals are brought in by the FED, IMF or any other Banking support group Only time Will tell
I don't see that. As long as the upward movement develops.
Orriginal
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@averkie_skila, Well, Yes. obviously if the up trend continues, this idea is broken but lower timeframes may point towards at least a lull in that upswing.. Time Will tell us soon enough and thanks for your comment.. It always helps to know other people Views
@averkie_skila, the Bol Bands ? Yes but they can be dragged up or down ..bit like MA's ranging....same way as that upper band was dragged up on that last 28% rise - But, YES..Thanks for pointing that out and will keep an eye on it. We will know in the next few days maybe ;-)
Orriginal
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@averkie_skila, And OK - I understand - Thanks for the heads up on RENKO - never used them before..I'll give it a go
averkie_skila
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@Orriginal, I call Renko a "stubborn thing" for me. If a movement starts, you have to look for some strong level up or down that will stop that movement. You can't undo two formed cubes so quickly. You have to at least continue them to the middle of the BB channel. I posted an idea about this once before.
Orriginal
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@averkie_skila, I think , that after a few hours trying to get my head around it, I'll call it something else for now lol....But I am beginning to see how it works - just another world from the Candles and MA's etc that I understand - But yes, I can see what you saying.. I think i need to get to grips with the idea of it using different time scales, Day, Week, Hour etc and what the units of change per block are / per asset - lol..this is a Bit like learning to breath underwater ha...I'll get there..Thanks ;-)
averkie_skila
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@Orriginal, On youtube you will find the most suitable teacher for you, there are dozens of examples of using Renko. But when I have any doubts or uncertainties, I still watch a large timeframe (At least 1 day or more) with Renko on. This drastically cuts down on the noise.
Orriginal
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@averkie_skila, yes, the You Tube's are for tomorrow.. Just working through some ideas and Tradingview write ups about it all - and yes, I can see the longer TF are probably better for Renko - Again, Thanks for the heads up...;-) p.s I followed you so maybe I'll see some of your ideas.