Gauging Uncle Buck’s Bottoming Progress

We ID’d the bullish sentiment and CoT setup in USD months ago, in early/mid summer. Now it has forged a bottoming pattern that every chart doofus on the planet sees. I’d been slowly adding to the positions in UUP on down days and am nicely profitable now. Still, I am using it as a portfolio balance more than a profit item. If it breaks the neckline however and holds it, you can probably pencil in 96.50 to 97, which would sure be a big time profit play as well.

If this goes the way I’d like, I will have bought (and noted repeatedly in NFTRH) when everybody hated Unc and will sell when more people get on the story.

usd

At last data collection, commercial hedgers were neutral USD, which is the condition that attended the big up turn in 2014. We caught that one in real time and it was relentless. This one is more of a grind. It is also counter trend. So this is most certainly not an investment.

usd cot

Subscribe to NFTRH Premium for an in-depth weekly market report, interim updates and NFTRH+ chart and trade ideas; or the free eLetter for an introduction to our work. You can also keep up to date with plenty of actionable public content at NFTRH.com by using the email form on the right sidebar. Or follow via Twitter @BiiwiiNFTRH, StockTwits or RSS. Also check out the quality market writers at Biiwii.com.