Dollar Falls, Silver Rises 7/27/2020
Atualizado
Well, it looks like I was wrong about silver. I heard some of my trading team members that the next meaningful resistance is just above $26.
What I didn't expect was the dollar strength tanking harder than my faith in humanity. I was expecting the dollar to bounce off its 9 year uptrend support. The dollar broke through that after being saved by it for 9 years.
As a result, silver is rising. Silver can be a good scalp. I'd prefer seeing a decent pullback first. I don't chase. Every time I chase, I end up getting blasted back.
I'll be expecting a monthly pullback when the commodity banks start doing their month-end reporting. Granted, if the dollar finds one of the supports I drew, then I could enter into silver at the bottom of that pullback. Right now, we are in general unknown water. It's like when the NQ rose above 10,500. That's when the buying volume started drying up and people didn't know where the top was. I saw many FOMOers buy into the NQ when it reached 11,000. Terrible move. That's why you don't chase.
What I didn't expect was the dollar strength tanking harder than my faith in humanity. I was expecting the dollar to bounce off its 9 year uptrend support. The dollar broke through that after being saved by it for 9 years.
As a result, silver is rising. Silver can be a good scalp. I'd prefer seeing a decent pullback first. I don't chase. Every time I chase, I end up getting blasted back.
I'll be expecting a monthly pullback when the commodity banks start doing their month-end reporting. Granted, if the dollar finds one of the supports I drew, then I could enter into silver at the bottom of that pullback. Right now, we are in general unknown water. It's like when the NQ rose above 10,500. That's when the buying volume started drying up and people didn't know where the top was. I saw many FOMOers buy into the NQ when it reached 11,000. Terrible move. That's why you don't chase.
Comentário
Update: After revising my dollar strength chart, I realized that the dollar just reached the bottom of its 9 year channel. Dollar is now bouncing. Silver is finally pulling back.
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