Fundamentally, I think the fact that rates will be increasing will position a lot of fundamentalist's on the long side of the US dollar and we all know what happens then, it goes the other way; My humble, 2D opinion.
Quarterly:
- Big potential support and pre buying demand before the bottom of that triangle is tested. I'm inclined to agree with those who say this long term of a perspective isn't relevant in this market, but it's a big technical support and I think it's worth mentioning.
Monthly;
- A little more pertinent to position trading, we have a confluence of that same demand keeping us from testing the low side of the Keltner Channel range, which functions using the ATR.
Weekly:
- Most recent lows were nothing spectacular and they were followed by a show of force from buyers this last week, erasing 3 Months of losses.
- Momentum shift on my modified MACD, you can tell from the previous 2 pushes that supply is waning.
Daily:
I drew a trend line off the previous two lower highs in the swing to highlight the volatility of the breakout.
I'd like to cite Adam Grimes, as my reference source on my following statement in that these breakouts are always sloppy in terms of statistical odds and risk management. This is still a valid breakout on the daily, even though those lows got broken, this is just a whipsaw, they happen all the time, as Ed Seykota says, "Dont want to get whip-sawed? dont trade."
I highly recommend Adam Grimes "The Art And Science of Technical Analysis," and his free online course, its a diamond in the rough, definitely worth thousands, Adam is a statistical genius and provides an excellent service educating traders on T/A, Statistics, & Objective process oriented trading'. Below is a link to his referenced book.
www.amazon.com/...5120/ref=sr_1_2?crid=1901G...
Quarterly:
- Big potential support and pre buying demand before the bottom of that triangle is tested. I'm inclined to agree with those who say this long term of a perspective isn't relevant in this market, but it's a big technical support and I think it's worth mentioning.
Monthly;
- A little more pertinent to position trading, we have a confluence of that same demand keeping us from testing the low side of the Keltner Channel range, which functions using the ATR.
Weekly:
- Most recent lows were nothing spectacular and they were followed by a show of force from buyers this last week, erasing 3 Months of losses.
- Momentum shift on my modified MACD, you can tell from the previous 2 pushes that supply is waning.
Daily:
I drew a trend line off the previous two lower highs in the swing to highlight the volatility of the breakout.
I'd like to cite Adam Grimes, as my reference source on my following statement in that these breakouts are always sloppy in terms of statistical odds and risk management. This is still a valid breakout on the daily, even though those lows got broken, this is just a whipsaw, they happen all the time, as Ed Seykota says, "Dont want to get whip-sawed? dont trade."
I highly recommend Adam Grimes "The Art And Science of Technical Analysis," and his free online course, its a diamond in the rough, definitely worth thousands, Adam is a statistical genius and provides an excellent service educating traders on T/A, Statistics, & Objective process oriented trading'. Below is a link to his referenced book.
www.amazon.com/...5120/ref=sr_1_2?crid=1901G...