I'm looking to see downside coming on the US Dollar Index because of a weak support area. The 20th December is based on GANN's theory of planet alignment coming up.
Waasaaaa Pedro, I see that you have activated the RSI indicator, but I also see that there are two lines, what type of RSI is it?
I think you should consider the uptrend line or channel at 16°. You can compare it to the past downtrend line 164°...
Hotitrade
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Hi Pedro, Thanks for your feedback which is also very interesting. I've taken away my Channel and drawn a serrated trend-line on the chart using the Magnet key. The interesting thing about that trend-line is that it touches ALL the lows exactly. making it very strong. However, as we know markets don't keep on going up ad infinitum, and at some point it breaks through a trend-line, even a strong one at that.
Check it out...
pedrogarrinhas
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@Hotitrade, Thanks for your reply. Yes I am aware of the magnet tool. My only problem with it is that it disregards the 2018 lows.
Hotitrade
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@pedrogarrinhas, Okay I get where you are coming from. In other words you believe that it has already broken trend-line support, which is more or less where I also think it's headed.
pedrogarrinhas
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@Hotitrade, exactly! If the DXY is still inside the channel, then I would expect some reaction!
The fact that support was broken with strength, I think it was the moment support flipped resistance. => I can be wrong.
pedrogarrinhas
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I see your channel and it makes sense.
Thoughts on the possibility of a rising wedge:
Hotitrade
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@pedrogarrinhas, Hi Pedro, Thanks for your feedback which is also very interesting. I've taken away my Channel and drawn a serrated trend-line on the chart using the Magnet key. The interesting thing about that trend-line is that it touches ALL the lows exactly. making it very strong. However, as we know markets don't keep on going up ad infinitum, and at some point it breaks through a trend-line, even a strong one at that.
Check it out above...
I think you should consider the uptrend line or channel at 16°. You can compare it to the past downtrend line 164°...