Hubert Senters here.
Got a question from a viewer. Question from Serge.
Okay, what’s your take on the US dollar? Is it worth going long?
Cheers, Serge.
Let’s take a look. So there’s the daily on the dollar index. That’s it right there. We were below the cloud on the daily. Let’s take a look and see what we got on the 60. 60 is in a buy and the 10 is in the cloud. It depends on your timeframe.
If you’re a swing trade I would say pass. If you’re a day trader yeah, man, I would give it a shot. I would use a hard stop of $91.88 for a small swing trade of anywhere from three days to three weeks. You’ve got couple of decent things for you. You just need a little bit more.
So you can see this is a daily. That’s an hourly. Now, we’ve got a daily, an hourly and a 10-minute. This is good for an intraday bounce anywhere from three to five days in that way I should three to five hours. It can bounce multiple days when it does that stuff.
So if you’re an intraday trader and you’re just looking for a quick pop you’re probably going to get it with the dollar
because everything else is going to hell and helm basket. In other words all of the markets selling off this thing might catch a little bid. If you’re medium to longer term swing trader I would say use this stop-loss of $91.80.
If it’s a smaller swing or a tighter intraday trade I would say use a stop of $92.84. For me just those technical levels. Now, since you’re above the cloud on a 60 it means its got three to five days to move higher. What I would do which I’m more conservative than other people when it comes to trading.
I would wait until it closes above the cloud around $95-$96. And you still have plenty of time to have profit from it if it continues to jump. But if you’re like hey, I want to get into $2 better than you then go ahead and get it at $93.94. If it’s going to bounce and here it will probably bounce to dead high, dead low.
It will probably go to $97. So if I’m willing to wait until $95-$96 and probably going to make two points. Not bad. If you got an early you could but you’re also going to take a little bit more risk than somebody’s going to wait. So it depends on how you’re trying to do it what timeframe you’re looking at. Overall it’s worth a shot but I would also use a stop-loss in case you’re just wrong in the situation.
There are some decent ways to kind of help you predict or make an educated guess or as we call it a long range shooting situation. It’s a swag. A scientific wild guess on ”How to Potentially Predict Big Swings in the Market Using Nature’s Own ”Golden Ratio” which is also known as fibonacci. He’s going to be doing a special webinar September 23rd at 7PM EST.
You know how to register for the webinar. Just click this little yellow button here that says CLAIM YOUR SPOT NOW and it will ask you for your information and then you register and you show up.
Good luck. Hope it helps. See you on the next video.
Hubert.
