Naked chart analysis of the dollar. In today’s video I take all indicators off my chart to use some basic technical analysis on some higher timeframes. This is always a useful exercise when doing your market analysis and planning out future trading opportunities…
I was asked a great question this morning regarding whether now is the right time to be buying the Euro. In this video I explore this question. Note the same question may be applied to Bitcoin or many other markets.
Some things to note:-
1. Catching tops and bottoms only really feeds the ego and does not reflect the cost of being wrong multiple times before being right.
2. The action in the middle is fine. You will likely have fewer stop outs and the pschological damage that goes with it.
3. Look at the trend, in particular look at the price bars. Where these are predominantly bearish with smaller bullish bars, the momentum is to the downside and visa versa.
4. Plus I have not even looked at the big picture fundamentals!
It’s FOMC tonight and this market is on a precipice. I run through the dollar and give some additional information on the S&P too…