Comments on: US Dollar & Euro Trade Ideas 8-21-24

By: Woodshed

Woodshed — Thu, 22 Aug 2024 14:13:36 +0000

In reply to rsotc. ok .... I am sticking with you

By: rsotc

rsotc — Thu, 22 Aug 2024 14:08:22 +0000

In reply to Woodshed. Stock market was basically flat the past two days so no change in the technicals nor my outlook.

By: rsotc

rsotc — Thu, 22 Aug 2024 14:07:36 +0000

In reply to EMFO. Will do. Escape velocity will likely be accomplished if QQQ moves above that upper-most resistance level that I've shared on my daily charts around 487 as the only half-decent resistance I see between that level & the early July ATH is the top of the July 16/17 gap, although I suspect a solid pop above 487 will be the catalyst for fuel a final short-covering rally that could pop the Q's to a new high.

By: Woodshed

Woodshed — Thu, 22 Aug 2024 13:37:07 +0000

@rsotc Randy….where are you?? I believe in your analysis….but damn it is hard to keep believing….still short and in pain…would like to hear an update from you

By: EMFO

EMFO — Thu, 22 Aug 2024 13:25:33 +0000

@rsotc Good morning Randy. Please let us know when in your opinion, the market has reached escape velocity. It does not look like there is a lot of buying but there are even fewer sellers. I don't have insight into the interworking of the markets, stealth flows, ODTE flows, volatility suppression (selling), international flows due to currency fluctuations, and other factors. I am not sure anyone does. All I can do is manage risks. Lately, I have bent my rules because, from my point of view, there are a lot of risks for quick market drops that have not been realized. I have extended my stop losses, however, in hindsight, this has been a mistake. I have had a fear of missing out, where I cover and the market drops without me (so it goes sometimes). I have hedges but not enough to compensate since I have had a negative bias. I will admit that it has been hard for me to stick to my rules due to the increased volatility. I know that position sizing is essential and for now, I have been too greedy. My comment is only to help other traders understand that they are not alone. All of us fall into this trap sometimes.

By: rsotc

rsotc — Wed, 21 Aug 2024 18:23:50 +0000

This is the correct 60m chart of /DX (previous chart was 120m although mistakenly labeled as 60m) with near-term targets & a buy signal to come on a breakout above the same bullish falling wedge

By: rsotc

rsotc — Wed, 21 Aug 2024 17:27:08 +0000

EUR/USD 60m chart for reference…