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Old 08-05-2008, 12:57   #279 (permalink)
rufffen
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Re: rufffen XAU spot gold and majors trades

DJI update

Let's have a look at the DJI charts, there is a weekly and 60 minute chart with monthly zones on both of them. The way I see it we can drop towards 12770-12800 area, but just briefly, and will then attempt to take out new highs, after that 13400 is the next feasible TP area.

I can't recommend a setup, however Im considering adding net LONG if we drop towards 12800 ares with SL 12 500 TP 13400.

But what is more important is that DJI is an indicator of dollar strength, so unless we break below 12770, there is not good reason to consider EUR USD GBP USD LONG setups for now.

Besides there was a discussion of central bank activities at the other thread, well I can't tell about other central banks, but russian central bank had recently acquired 20 billions of US currency and this number is still growing as Im typing this post. So might as well watch this space! Good luck!
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