DXY - USD rebound finally confirmed with this shark pattern?
Hey guys, sorry for the lack of updates this week, alot of offline workshops and meetings for last week.
Good news, next week, my schedule looks empty and I might be able to squeeze in more time here on tradingview.
Last week was about waiting for the USD to reverse.
Clues were everywhere, GBPUSD hit resistance, audusd and eurusd completed bearish pattern.
USDCHF also completed a bullish shark.
However, the best gauge to determine strength of the USD is the DXY dollar index.
Pattern Identification
DXY completes bullish shark at 99.60.
The 4hr candlestick during market close showed some strength.
This or USDCHF could be great buying opportunities on Monday.
Trade Execution
Long entry will be within 99.50-99.70.
SL will have to go at 99.05.
Initial TP is at 100.90(XC 50%) with extended targets at 101.95(XC 88.6%).
This setup will no longer be valid if price fail to stay above PRZ and closes convincingly below this zone.
Good news, next week, my schedule looks empty and I might be able to squeeze in more time here on tradingview.
Last week was about waiting for the USD to reverse.
Clues were everywhere, GBPUSD hit resistance, audusd and eurusd completed bearish pattern.
USDCHF also completed a bullish shark.
However, the best gauge to determine strength of the USD is the DXY dollar index.
Pattern Identification
DXY completes bullish shark at 99.60.
The 4hr candlestick during market close showed some strength.
This or USDCHF could be great buying opportunities on Monday.
Trade Execution
Long entry will be within 99.50-99.70.
SL will have to go at 99.05.
Initial TP is at 100.90(XC 50%) with extended targets at 101.95(XC 88.6%).
This setup will no longer be valid if price fail to stay above PRZ and closes convincingly below this zone.
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I took the USDCHF setup and it got hit with a stop loss.
Do not over leverage your positions and only take 1 trade if it is almost 100% correlated. I learned about this after taking a huge drawdown in the past by taking too many correlated position.
This is a clear breakdown of the PRZ, will be watching out for bearish setups on DXY in the near future.
A pullback to the PRZ with weakness could be my first short setup on USD.
Do not over leverage your positions and only take 1 trade if it is almost 100% correlated. I learned about this after taking a huge drawdown in the past by taking too many correlated position.
This is a clear breakdown of the PRZ, will be watching out for bearish setups on DXY in the near future.
A pullback to the PRZ with weakness could be my first short setup on USD.
