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Long The Dollar

Long The Dollar

by The MoleOctober 6, 2009

With much talk about the imminent demise of the Dollar abound my demented mind sees a possible long opportunity in the DXY right now. Let’s review:

As of 12:05am the DXY dropped all the way to 76.43 – which according to 2sweeties’ DXY retracement levels calculator is only a few ticks away from a high frequency long RL:

There you have it – should this level fail the next RL is at 75.94 – quite a bit away and if that happens we’re bears are in a world of hurt.

One more chart to consider is the 2.0 BB on my EUR/USD chart – yes, it might go higher here. But consider that we’re outside the BB plus we have a pretty good RL at hand it’s not the worst setup I’ve seen.

So, let’s see what works better – headlines and opinion pieces in the MSM, or a proven statistical reversal odds calculator. My money is on the latter πŸ˜‰

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About The Author
The Mole
Mole created Evil Speculator amidst the chaos of the financial crisis in early August of 2008. His vision for Evil Speculator is a refuge of reason, hands-on trading knowledge, and inspiration for traders of all ages and stripes. You can follow him and his nefarious schemes at the usual social media waterholes.
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