USDOLLAR has been stuck in a consolidation range. Consolidation breeds breakouts. I'm looking for a move in either direction. Entry will be a break and close out of the range on the 240min chart. Stop will be 1 ATR above or below the breakout bar. Targets are shown on the chart. I have no idea which way this will go but I'm prepared for a break in either direction. I think we will find resolution by the end of the week with what's on tap the next 2 days on the econ calendar. These patterns are "smart money" either accumulating or distributing, won't know what they are doing until the break and close occurs. Best of Luck.
Comment:
Getting close to Target #1.. This is just trending down on the 4hr chart. Hopefully it will hit either today or early next week.
Trade closed manually:
Trade was closed @ Breakeven. Once I get within 5 pips of Targets on the 4hr chart my stops are rolled to Breakeven. Thats my way of protecting capital. I also do it because I was right in the timing and direction of the trade, it's just the market decided not to give me those last few pips and when the market does that to me I will not take a loss on that.