My bias for the dollar this week remains bearish, leading me to seek pro-trend trades from any proximate valid supply zones. With the recent reaction from my prior 3-hour demand, I anticipate the price to continue its ascent to address the imbalances above.
Subsequently, my expectation is for the price to undergo distribution within a supply zone identified on...
DXY D1 - For the last 2/3 weeks we haven't seen an awful amount of movement from the dollar and many other pairs that have yet to cause or given a definitive breakout to show currency bias/direction.
I think this week will mostly be keeping an eye on the introduction of volume, headlines and everything else to follow which may give us an indication of what we...
As I track BTC, I also track DXY as they are closely correlated. The DXY is due for a big retracement to the bottom of the diagonal triangle. This will give a strong push to BTC on the way up. I now target at least the 42 k level for BTC, and midterm, the 58K...needs to break a few resistances before I turn completely bullish. I still think we will go to 22k after...
LOOKING AT THE 4 HR CHART I WOULD CONSIDER A LONG POSITION ON THE PULLBACK. ALTERNATIVELY IF WE BLOW THROUGH THE .618 FIB LEVEL, I WOULD LIKE TO SEE A PULLBACK TO THAT LEVEL TO MAKE AN ENTRY.
WHITE LINES ON LONG TRADE REPRESENT ALTERNATE ENTRIES TO SCALE INTO THE TRADE AND MULTIPLE TP LEVELS.
Downward resistance break out with bullish engulfing.
Engulfing on support level & 55 moving average.
Enter on engulfing confirmation.
Stop loss below engulfing.
Macro support:
Weak US labor force and democratic control of government means a lot more stimulus.
This supports a weaker dollar.
Happy Trading:)
Do you agree? Share your view:)
Buying GBP might be an opportunity for longer term dollar bears.
Joining bulls in GBPUSD from around 1.2350 price level with S/L below 1.2090 and T/P around 1.3280 provides decent R:R.
First major resistance level is around 1.2640 price.
Make your own analysis before entering position.
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Feel free to share your opinion/position via comment and follow me to...
Into the weekend a little drawdown as the EURUSD is hitting the PRZ zone and starting to reverse at 38.2% on FIB. A little drawdown and due to weekend shifts and jumps I am going to move the Stop out a bit further to prevent being artificially stopped out from market jumps. The grey block from original SL to 1.08683 is to signify a bookmark of sorts so I'll know...
Even using the Elliot Wave Theory, it looks like the motive wave is in due to begin. The correction A will occur downwards to price point 96.94, which also has confluence with my 61.8 fib level.
With one week left to go, 1 of 2 things can happen: 1, USD Index re-testing the high and break above it or 2, breaking below the trendline and heading south.
Happy Trading, folks!
Cheers!
Aud/Usd - H4 - Price broke out of consolidation with strong bullish momentum so now I am expecting a classic break/retest/continuation scenario with other price action tools as confirmation.
GbpUsd - Daily - Longs in play.. price trading in a bullish structure making new higher highs and higher lows.. the trend is bullish so we are buying on a pull back
