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Commodity Trading Discussion Forum

Re: Dollar Index - Caution! *PIC*

Posted By: hunter
Date: Sunday, 1 November 2009, at 10:32 p.m.

In Response To: Re: Dollar Index - Caution! *PIC* (hunter)

Here is what was posted Thursday night as possible play for Friday. " There two plays that can take place in tonight's session. One is that at 04:00 the DX is in the 76.42 area. Then a bit down and up afterwards, for the day session. Or two, it will continue down tonight looking for support at about 03:00 in the 75.71/75.67 area. The two scenarios have the same outcome, UP afterwards."

The call was right on the date but off on the hour or ATA. As you can see in the chart below, the DX hit the 76.42 at the 11:00 hour and making a high at 76.56.

For Tomorrow and part of the week I will let the DX move (possibly forming some triangle or flag) until it breaks the 76.73 resistance. The 1st objective I'm looking for is at 77.73. The objective will be void if the DX moves below 75.085 support.

As always, the above is just an opinion of one possible outcome out of 100s. The market has the last word and in due time will show us the real deal in dollars and cents.

I wish you the best of luck and most profitable trading adventure!

h

"Nature made us individuals, as she did the flowers and the pebbles; but we are afraid to be peculiar, and so our society resembles a bag of marbles, or a string of mold candles. Why should we all dress after the same fashion? The frost never paints my windows twice alike. " .-Lydia Maria Child

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