I took DXY out on a date to see how she was doing because lately she's been too hype and hasn't let up — well actually that's all she's been doing is going up. smh
I just want her to relax, calm down (literally), and let me do the going up (in my bank account). LOLOLOLOLOL
RESISTANCE @ 116.82
— a break above this level would indicate an uptrend
SUPPORT RANGE 101.635 to 105.005
— now that Price Action (3W) has opened/closed below this range I'm anticipating a continuation of the downtrend
SUPPORT @ 90.80
— if Price opens/closes below 89.66, it should continue the downtrend; however, it's highly unlikely to break below.
Hello. Hi. Hey there!
So this is another DXY update following my previous mark ups. I want to keep posting these because 1. They've been fairly accurate and 2. Its helping you (also me) with identifying potential long term/short term plays.
I mentioned that I am overall #bullish on the dollar and the way price reacted to my levels... bittersweet (,:
But I also...
Price has sold off so much, I think I see a trade opportunity to catch the retracement, "reversion to mean".
I lay it all out in the video, thank you, and trade safely.
1% Risk
2:1 Risk/Reward
In dxy dollar index price is tested its strong level of resistance multiple times which is 113.10 to 113.20 area and if break this area than we see the bullish momentum in the dxy price and we see price test its high of the wick which is 113.70 area also fill this wick because wick never lie/ and for the next target for dollar index is 114.07 area this is the...
I break down where I see price action struggling to make new highs.
I also step back and point out a very sizable "inverse head & shoulders"
These pattens could take months + to play out - if they do.
3:1 RR
1% Risk happy trading.
I lay it out in the video, I just can't get behind longing at these levels.
Spinning Top, Bearish Divergence (not discussed), Crazy run-ups.
Time will tell.
1% Risk | 2:1 RR
I have spotted a short, continuing on from my short call back in April. (yup, that long ago)
Price has broken below level making me think further downside.
I have broken the chart down here.
1% Risk 2:1 RR
I see the correction that is happening, to me price has just not settled deep enough.
We will see what is happening.
I have a demo/paper trade showing, illustration purposes.
Manage risk and read the charts.
I am still bullish on Gold, here is my video break down on a Friday baby!
note: Weekly chat. This takes time.
Good luck out there guys.. trade your system!
1% Risk - 2:1 RR
DXY
I published a chart for DXY at beginning of September(linked below). This video furthers the idea that DXY is in correction mode.
I propose that DXY will make a retracement back to its local trendline, using the 14% retrace of March-September Swing as support now.
Looking for potential bounce from there($93.32 area), then a resumption of the correction to...
DXY could continue towards 89.60 before running towards 91.40 Levels. At those levels, it will be watched for the down-trend to continue.
*Please like and share if you found the idea useful. Thanks!
