Hi Mates, Doing weekly review on Dxy for trade posssibilities in coming sessions, So it Opened at 105.056 and after made weekly low of 104.420 created a base near to this weekly low and after made a wekly high of 105.435
So we got a weekly range of 105.435 (week high) to 104.420 (week low) in which this week's high was higher was previous week's high and low was also higher from previous week's low so this is indicating that price can move higher in coming week too, closed higher then last swing top resistance too on weekly time frame. So i am sharing Trade idea on the basis of this collevtive data which included weekly high low and some some consolidations in channel which i marked on provide chart in this publication.
And sharing snapshots with current and alternative views too below-:
Last swing top on weekly chart mention above
Trade Ideas-:
Bullish scene- It can break weekly high resistance directly and can do marked target above after weekly high resistance break. (in this process we can see also that price will come down and got a support bounce from short consolidation channel support, i will consider that price will go in positive direction till it will sustain above this channel support).
Bearish scene- Can break short consolidation channel support and can do mention target below on chart after this channel support break.
trades mentioned above i will do on above or below hourly candle close basis, one can use own time frame for tracking this idea.
This is not and trade or investment advice. This idea is meant for learning only.
Best Regards happy trading- Amit
So we got a weekly range of 105.435 (week high) to 104.420 (week low) in which this week's high was higher was previous week's high and low was also higher from previous week's low so this is indicating that price can move higher in coming week too, closed higher then last swing top resistance too on weekly time frame. So i am sharing Trade idea on the basis of this collevtive data which included weekly high low and some some consolidations in channel which i marked on provide chart in this publication.
And sharing snapshots with current and alternative views too below-:
Last swing top on weekly chart mention above
Trade Ideas-:
Bullish scene- It can break weekly high resistance directly and can do marked target above after weekly high resistance break. (in this process we can see also that price will come down and got a support bounce from short consolidation channel support, i will consider that price will go in positive direction till it will sustain above this channel support).
Bearish scene- Can break short consolidation channel support and can do mention target below on chart after this channel support break.
trades mentioned above i will do on above or below hourly candle close basis, one can use own time frame for tracking this idea.
This is not and trade or investment advice. This idea is meant for learning only.
Best Regards happy trading- Amit
Comment:
Price reaching towards channel support area, waiting for a bounce or break for first execution for this week in it
Comment:
Support based target one complete and moving towards target two mates, Nice fall seems today in it and created a very bearish structure on this time frame
Comment:
Now channel support become resistance for price if close above we can see it will touch mentioned weekly high again
Comment:
After breaking channel support touched weekly high resistance and exactly touched target one resistance (awesome marking) too, now it can bounce again from mentioned weekly high area now that weekly high resistance can turn in to support
Comment:
Check above update as mention in it that now weekly high resistance will work as support so it did like that touched and bounce from there and now reaching to target one again
Trade closed: target reached:
Target complete according above mention updates and by the levels provided chart
