Disliked{quote} I'm not confused understand the correlation between pairs. Not so sure about the newbie!!!Ignored
Hoping that posting about it might encourage someone else to look into correlations, as it was for me-just seeing someone on FF post about it which led me to investigate. Digging deep into the interplay between markets was the key for me. I'm sure a lot of us are the same, completely self taught and looking for nuggets of information we can apply to our own trading. We are competing against the algos and hedge funds so any edge we can find is helpful. I should say i'm not trading dxy i'm purely using it to help me figure out where cable is going
People who post about Elliot wave and Fibonacci on this thread has helped me greatly too, thanks to everyone who takes the time to post a chart and their thoughts. I get a lot from this thread and others.
Anyways back to cable i'm seeing this kind of PA at the top of the channel, a breakout and retest might tempt me in but the purple area is all supply and could send us right back down. On the flip side I can easily see us failing to breakout and tanking down. So i'm waiting for now for a clearer picture to emerge. Dxy looks like its headed up so my guess is that cable will head down but not convinced enough to take a position
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