Monday, December 10, 2012

DXY – NYBOT Dollar Index (Last:80.47)

– Posted in: Current Touts Rick's Picks

The hourly chart went impulsive last week, but there's no excitement yet on the 'daily'. In fact, the duel between bulls and bears looks like a draw at the moment, suggesting the dollar could slog sideways for a while before making a presumably minor move higher.  The trend has been up for nearly three months, but it has been unimpressive and looks like it wants to remain so.

SIH13 – March Silver (Last:33.145)

– Posted in: Current Touts Rick's Picks

Silver's rally early Monday morning is a clone of the pattern I'd suggested using to get long on Friday. (Note: The trade failed to trigger, even on the one-minute chart.) Considering the effort it required to track and revise that dud, I'll avoid this opportunity like the plague.  However, for those who are equipped with "camouflage" tools and a hazmat suit, I'll mention that the little nubbin at 33.430 highlighted in the chart could be used to leverage a bull trade with relatively little risk. Keep in mind, though, that although it can be satisfying to pare risk to relative nickels and dimes, the primary objective is to make money.  In that regard, the odds are not especially encouraging for a bull trade here, since the larger pattern from which we would be extrapolating it is just "dueling" impulse legs on the daily chart. _______ UPDATE (December 11, 1:53 a.m. EST): A feint above 33.430 did indeed produce a tradable ABCD pattern with a halfway decent 'camo' entry opportunity, but the C-D follow-through leg would have been good for a ride no higher than 33.495 before Silver relapsed.