CJ-TradingFloor

Will USD weaken in 2023? In my view I think USD will weaken. I read this piece from FXStreet to be interesting. SOPA IMAGES/LIGHTROCKET VIA GETTY IMAGES USD is likely to weaken further in 2023 after a choppy end in 2022 – HSBC NEWS | 1/11/2023 | By FXStreet Insights Team The broad US Dollar tore between opposing forces last month, with the USD Index (DXY) ending the month lower. Economists at HSBC look for USD weakness in 2023. A US economic soft landing should see the USD broadly weaken “We believe the USD will weaken further in 2023, as its significant overvaluation (based on the real effective exchange rate (REER) can no longer be supported, once the Fed stops hiking, global growth shows signs of toughing and market volatility comes down.” “We acknowledge there would be ‘safe-haven’ demand for the USD, if the US economy goes into a deep recession. However, we see that as a risk scenario, rather than an inevitable outcome.” “If the US economy manages a softer descent, the USD is likely to weaken. That is our base case for 2023.” My conclusion seeing that the Dollar Index beginning 2023 showed Dollar weakness and broke daily upward trend line (charts below) there is a possibility of Dollar weakness this year. A number of factors, both domestic and international, have contributed to the strength of USD last year in 2022. Though economic conditions could shift in 2023, experts predict the dollar will hold a strong position. Upward trendlines been broken to the downside since the last quarter of 2022 and now another break this year Jan 2023 for more downside? It will be interesting to see how the Dollar will perform this year. Happy trading everyone! Cheers

Supply and demand zones are a popular analysis technique and I like to use them for day trading. Trend analysis I make use of 200 SMA. Higher timeframe analysis on 4-hour and1D charts.

Jesse outlined a simple trading system: wait for pivotal points before entering a trade. When the points come into play, trade them using a buffer, trading in the direction of the overall market. Let the price dictate your actions and stay with profitable trades until there is good reason to exit the trade.

I am looking forward to watching the 2022 FIFA World Cup. Favorite team and prediction to win it all - Argentina (It’s hard to predict knockout tournaments). Why? - The unity in the group is unmatched, they have good chemistry and combination. Golden Boot will be awarded to Lionel Messi. Can you imagine a Portugal vs Argentina finals? Knowing the World Cup, there's always a big surprise from the other teams, I cannot rule out teams like Brazil, France, Portugal and England. All the best to all teams!

Quasimodo pattern formation in my opinion is definitely one of the most reliable and powerful pattern to trade. It’s a reversal pattern that provides a great risk reward ratio potential and is used in technical analysis to predict the change of trend. I posted a Dow buy trade which presented a bullish Quasimodo pattern and I took advantage of the setup on a 4 hour chart, this was a highlight trade for me and thought to share the Quasimodo pattern recap. To increase the probability of this pattern is by adding confluences. The following are the necessary confluences to add, that I do make use of: Supply and demand zone. Trend analysis. Higher timeframe analysis. Entry day: My view on 4hour chart was when Dow was near record reversal for bullish hopes. The reversal setup looked like a bullish Quasimodo chart pattern had formed for the Dow to buy. News day: The trade ranged and traded sideways for a while before CPI event day which I expected. On CPI event day, trade was very close to be taken out but US CPI pushed Dow up, volatile event. After the US CPI event I was monitoring 30 500 level for the break upwards. TP reached!!! HL - Higher Low, LL - Lower Low, HH - Higher High, LH - Lower High After TP reached: Dow has traded higher in November Bullish and bearish trend reversal pattern examples to look out for. Conclusion: As we can see from the above, the Quasimodo pattern is a relatively simple pattern, which when used in conjunction with other trading strategies offers a great way to increase the probability of a trade set up.

waited for the trendline break to buy. trailing it now. Is there still more for upward movement?

Still holding and trailing on EURUSD buy trade. Lets see what ECB will do.

Dow 4hour chart - TP reached!!! HL - Higher Low, LL - Lower Low, HH - Higher High, LH - Lower High

Monitoring 30 500 level

US CPI pushed Dow up, volatile event.

S&P500 dropped when the CPI data was released. Technically I was looking at the descending triangle pattern. What is a Descending Triangle? A descending triangle is a bearish chart pattern used in technical analysis that is created by drawing one trend line that connects a series of lower highs and a second horizontal trend line that connects a series of lows.

Still more downside for gold ???

Took a short position on Gold 10th October 2022, trading with the downward trend. Today 13th October with CPI data now at a 40 year high of 6.6% pushed the price of gold down. M15 chart.

USD strength continued with a breakout. If price does retrace, I am looking to buy the retest of the breakout zone by 146.46 levels

Monitoring Dow