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Commodity Trading Discussion Forum

Re: buy signal for metals, Euro-sell Dollar/Ronbo *PIC*

Posted By: Trades
Date: Wednesday, 24 June 2009, at 3:18 p.m.

In Response To: Re: buy signal for metals, Euro-sell Dollar (Ronbo)

Very Very wise thinking Grasshopper,lol. See Gold poke its head above $944 just begging to be bought. It just loves to do that with false breakouts and then reverse. It did it on the downside yesterday and the upside today. Gold seems to want every one's money bulls and bears. Just can't use buy/sell stops on GC or you'll get your head handed to you unless you enjoy huge drawdowns and risk being just dead wrong and really getting blown away. I don't do drawdowns so must be very cautious. Here is DX. Still screwing with everyone's head. But just look at the damage this dead cat bounce has caused most every market out there over the last 3 weeks. That is why I've been harping on the oversold chart and potential rally for weeks now. But it has had a 38.2% rally with a weak Modified MACD, weak RSI 21 that couldn't even cross its 50 line before rolling over and the 50ema is clearly below the 200ema for the 1st time since April 2006 plus the short term seasonals from mid June to mid July are very bearish for DX and very bullish for inverse markets. BUTTTTTTT it just may not be over yet!!! It just may want to blow the socks of everyone still. I hear most are still pumped for the inverse commodity trade and that is not a good sign. Need to see DX over recent rally highs to run to 83-84 or break down below 80 and stay there to begin another sell off. Patience is the key now. My wife used to say I had as much patience as a condemned hospital. But I've learned over the years impatience is very expensive. So I'll just start holding my breath now instead.

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