Last week I suggested that the US Dollar (USD) was at support and was in position to bounce. Today I am showing the three bar swing charts of the USD which provide a good view of the downtrend since 2001. (Note that a three bar swing chart requires two confirmation bars of a potential trend change before flipping the swing direction.)
The current monthly swing higher will need another swing high before I consider the trend in a position to change. The recent swing high did not take out the previous swing high. Both a new swing high and a higher swing high is needed to change the trend.
The daily three bar swing chart shows a nice short term uptrend from the summer of 2008 into March of this year. Price of the USD has been swinging lower since March. The recent swing down took out the June low after price tried to change direction. As with the monthly chart, for the short term to change to trending up, a new swing high is required compared to the previous swing high. Also, a higher low is needed to confirm any future change.
I hope that Andy is finally having some R/R at Surf Ohio’s lake Erie…LOL! Those waves could barely handle a boogie board..better off at a big man made wave pool LOL! I think I have given up on my blog site, I have no time for it…but it was good fun… I now know how much time it took just to do a small blog so I can just imagine how much time that Andy spends taking care of this one….So, Please help Andy out while he is away and reach into your thin pockets and send him at least some lunch $$ for all that he does for us… I know he would appreciate it. I know times are tuff, think of it as an investment in your future, and your childrens, we all have gotten something from this site or we would not come back, day after day, to see what is up on his blog or if he charted out your stock or index that you are in. I have never personally met Andy, but when I blogged in several years ago, now, he thought I was nuts,I told him the sky was going to fall in on stocks, and he told me no way, I was ealy on my call, I think the S/P went up another 2-300 pts, he thought I was nuts, and maybe he still does, and thats OK, cause maybe I am sometimes when I ramp and rage on something, but Andy has never as long as I have blogged here cut down anyone’s thoughts, or barred anyone that I know of. So, If you trade the dollar move that Andy has today, and I fully agree with him that the dollar is going up, and usually when that happens, stocks fall, and he is right, think about how small that lunch $$ was for helping Andy out, and how bright your future portfolio will look years from now….OK done ramping…later.
Libby – Thanks for the kind words. Vacation is about over but now I have to go to Texas for a week or two with my day job (software engineer). We didn’t fish in Erie but did swim. The kids liked that. Also hit the zoo, Waldemeer, and Water World. A lot of road construction going on between State College and Erie. Stimulus money being spent here in PA.
To donate scroll to bottom and paypal donation area is on the right side..sorry forgot that ….very important read that I found facinating enhttp://money.cnn.com/magazines/fortune/fortune_archive/2001/12/10/314691/joy
http://money.cnn.com/magazines/fortune/fortune_archive/2001/12/10/314691/
http://www.cnbc.com/id/15840232?video=1214976620&play=1