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Jacko's Forex House of Pleasure and Pain

  • #5,141
  • Aug 22, 2008 1:32am Aug 22, 2008 1:32am
Quoting hendrix
Hello,

is anyone here using the Dollar Index for additional insight into EUR/USD movements? I see it almost as a inverted EUR/USD chart, but many news sources are referring to it. You can check it out on http://stockcharts.com/h-sc/ui?s=$USD&p=D&yr=1&mn=0&dy=0&id=p32238137118

Based on this chart, it was expected at the $77 level for the USD to hit some resistance, while on on the EUR/USD chart it is not so clear - except for the weekly trendline and based on my previous post (channels).

So, what do you think - is it useful to study the Dollar Index chart?

Based on the current chart, the USD could fall to the $75,5 mark and then the EUR would hit a temp resistance level.

Anyway, just some thoughts.
Hey Hendrix,
Yes, the dollar index is useful, the problem is that live updated charts are not free I dont think, so unless you pay for the charts your information is lagging...(correct me if Im wrong) take care, Raz
Never say never.
  • #5,142
  • Edited 2:24am Aug 22, 2008 2:12am | Edited 2:24am
Quoting hendrix
Hello,

is anyone here using the Dollar Index for additional insight into EUR/USD movements? I see it almost as a inverted EUR/USD chart, but many news sources are referring to it. You can check it out on http://stockcharts.com/h-sc/ui?s=$USD&p=D&yr=1&mn=0&dy=0&id=p32238137118

Based on this chart, it was expected at the $77 level for the USD to hit some resistance, while on on the EUR/USD chart it is not so clear - except for the weekly trendline and based on my previous post (channels).

So, what do you think - is it useful to study the Dollar Index chart?

Based on the current chart, the USD could fall to the $75,5 mark and then the EUR would hit a temp resistance level.

Anyway, just some thoughts.
Hi Hendrix,

Here's a USD Index h1 chart, I still see a bearish condition but we shall see if it holds or passes around the bearish fib pivot...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: usdx 8-21-2008.gif Size: 24 KB
Click to Enlarge Name: usdx w1 8-21-2008.gif Size: 18 KB
  • #5,143
  • Aug 22, 2008 2:32am Aug 22, 2008 2:32am
Quoting razldazl
Hey Hendrix,
Yes, the dollar index is useful, the problem is that live updated charts are not free I dont think, so unless you pay for the charts your information is lagging...(correct me if Im wrong) take care, Raz
Thanks for the info, Razldazl. Well, I guess it's good enough for me if I watch it on StockCharts.com - it's "almost" live there during NY (stock) trading sessions.
  • #5,144
  • Aug 22, 2008 2:39am Aug 22, 2008 2:39am
Quoting Aad
Hi Hendrix,

Here's a USD Index h1 chart, I still see a bearish condition but we shall see if it holds or passes around the bearish fib pivot...
Hi Aad!

I'm using IBFX's MT4 demo, so I guess I can't pull up the USD Index chart.
  • #5,145
  • Edited 3:01am Aug 22, 2008 2:49am | Edited 3:01am
Quoting hendrix
Hi Aad!

I'm using IBFX's MT4 demo, so I guess I can't pull up the USD Index chart.
Download the free MT4 at the link below, they have USDX & EURX charts. By the way the USDX just shot up...

http://www.forexltd.co.uk/files/mt4_setup/
Attached Image(s) (click to enlarge)
Click to Enlarge Name: usdx h1 8-21-2008 2.gif Size: 25 KB
Click to Enlarge Name: eurusd h1 8-21-2008.gif Size: 25 KB
  • #5,146
  • Edited 3:04am Aug 22, 2008 2:53am | Edited 3:04am
I'm a newbie. I've been reading a LOT and I know that I know very little right now. I'm trading on a demo account (and will continue for another two months). I'm treating my demo money as if it's my real money. Anyway, based on what I'm seeing and reading, I'm a pretty big fan of Jacko's trend method. I just pulled the trigger and went long at 4864. The price went above my 50% fib for my daily chart. I will now ignore the noise and see where things go in the next week or so. I will trust the trend and not give myself a heart attack by staring at my screen and watching the noise. I will try to be a decent trader.
  • #5,147
  • Aug 22, 2008 5:38am Aug 22, 2008 5:38am
Quoting Aad
Download the free MT4 at the link below, they have USDX & EURX charts. By the way the USDX just shot up...

http://www.forexltd.co.uk/files/mt4_setup/
Thanks for the info!
  • #5,148
  • Aug 22, 2008 5:40am Aug 22, 2008 5:40am
FW
Jacko Turtle group no 2 (but severely forex challenged)[/quote]

CHEERS! to all of us who are forex challenged! Couldn't have said it better myself! LOL
  • #5,149
  • Aug 22, 2008 6:08am Aug 22, 2008 6:08am
just wondering if anyone else shares the same view: monthly/weekly chart clerarly shows a double top pattern. If for some reason the US$ continues rallying, price could fall as low as the long term major trendline which is equal to the weekly 50fib (drawn from January 06) and at resistance turned supportaround 1.3800. In this scenario, the Euro would still be in a long term uptrend....
  • #5,150
  • Aug 22, 2008 6:47am Aug 22, 2008 6:47am
Wow, missed my buy order by 4 pips but hey look, its coming back at it!

Is anyone considering an even lower buy point than the 100 pip retracement in view of Bernanke's talk at 10am which may transiently pump the dollar?
FW
Isolate yourself from the herd
  • #5,151
  • Aug 22, 2008 7:27am Aug 22, 2008 7:27am
This is my first post here...

Went long at 1.4795
  • #5,152
  • Aug 22, 2008 8:19am Aug 22, 2008 8:19am
Quoting forexweasel
Wow, missed my buy order by 4 pips but hey look, its coming back at it!

Is anyone considering an even lower buy point than the 100 pip retracement in view of Bernanke's talk at 10am which may transiently pump the dollar?
FW

I thought that Benanke and the rest of the fed were being fairly hawkish, so I'm assuming he's gonna be hawkish today, and the market is going to be bullish on the dollar again.

But I've got my order in for long above 1.4900 to avoid all the dancing around that pysche level that's been happening.

-David
  • #5,153
  • Aug 22, 2008 8:20am Aug 22, 2008 8:20am
Quoting SeaSalt
This is my first post here...

Went long at 1.4795
Welcome!
  • #5,154
  • Aug 22, 2008 8:30am Aug 22, 2008 8:30am
I spy a rounded bottom! Hopefully it'll be time to go long after Bernanke's speech.....30 minutes from now.....
Attached Image (click to enlarge)
Click to Enlarge Name: ScreenHunter_01 Aug. 22 07.28.gif Size: 50 KB
  • #5,155
  • Edited 6:01pm Aug 22, 2008 9:15am | Edited 6:01pm
I see your rounded bottom and raise you a head and shoulders on the 1H.

The Bernanke talk may be bullish for the dollar, but how long will it last, in other words, it may be another dip/buying opportunity possibly below 1.4800?

Warren Buffett on CNBC lately repeating US economic downturn will be longer and deeper than expected.

good luck to all!

FW
Isolate yourself from the herd
  • #5,156
  • Aug 22, 2008 9:40am Aug 22, 2008 9:40am
Warren Buffett lost $1.2b in forex market.

Quoting forexweasel
I see your rounded bottom and raise you a head and shoulders on the 1H.

The Bernanke talk may be bullish for the dollar, but how long will it last, in other words, as per the blog, it may be another dip/buying opportunity possibly below 1.4800?

Warren Buffett on CNBC lately repeating US economic downturn will be longer and deeper than expected.

good luck to all!

FW
  • #5,157
  • Aug 22, 2008 10:30am Aug 22, 2008 10:30am
I really hope it will not another opportunity for us to lose another 50 or 100 pips.

Quoting forexweasel
The Bernanke talk may be bullish for the dollar, but how long will it last, in other words, as per the blog, it may be another dip/buying opportunity possibly below 1.4800?
  • #5,158
  • Aug 22, 2008 11:10am Aug 22, 2008 11:10am
Quoting dogberry
Warren Buffett lost $1.2b in forex market.


I've only lost a few thou
Isolate yourself from the herd
  • #5,159
  • Aug 22, 2008 11:43am Aug 22, 2008 11:43am
Quoting dogberry
I really hope it will not another opportunity for us to lose another 50 or 100 pips.
i hpe that
bc i went long at 1.4783
gl 2 u all
n have a nice piping day
  • #5,160
  • Aug 22, 2008 1:08pm Aug 22, 2008 1:08pm
Quoting Trumpcard
just wondering if anyone else shares the same view: monthly/weekly chart clerarly shows a double top pattern. If for some reason the US$ continues rallying, price could fall as low as the long term major trendline which is equal to the weekly 50fib (drawn from January 06) and at resistance turned supportaround 1.3800. In this scenario, the Euro would still be in a long term uptrend....
I agree with you. Price is heading to 1.39 in the next several months.

ibela
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