Dollar Index Trade 2012-04-30
Here I am recording a dollar index trade. Long entry was made at 00:17 on April 30, 2012 at a price of 78.725. The trade was made on the 60 minute time frame and I am looking to exit within a few hours, hopefully in the 79.00 area.
The trade was made under the premise that an MACD divergence is occurring on the 60 minute price chart. Prices made a new low, below 78.72, while the MACD moving averages and histogram remained higher.
I will be monitoring this trade with a very tight stop, and I will be very quick to exit any where near my target. On another note, I have exited both my AUD/USD and gold long trades. Both trades were exited profitably. I still have an short oats trade open.
Some other trades I am looking for include a long entry into sugar, and a long entry into corn. Both on the daily time frame, and both for a longer ride. In both cases, I will be looking at the weekly charts, as well as the daily charts for MACD divergences. I will also be looking at some fundamental data to provide additional entry clues. I don't anticipate entry very soon, but I will be watching.
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