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Short i opened friday afternoon. hoping for it to reach target in the coming week. Stop at the highs, take profit at the lows. A trade just shy of 2R.
Contradicting my DXY idea from yesterday;
Bearish channel in fiber looks to be heading for the 1.08s. Although, i would exercise caution when shorting due to a recent bounce off of the 50% fib level.
A bullish reversal would correlate with my DXY lower prices theory. However, i believe higher $ and lower Fiber is more likely than lower $ and higher fiber.
Not much in this analysis.
Recent bullish trend in Tullow Oil has retraced to the 50% fib and made a fairly significant move away.
Could be a decent trade as this level seems to be springboarding price to the highs around the 260-290 area.
may be worth dropping down to a lower time frame to hunt entries
Price could be about to break down.
Highs were taken into the the 79% fib level.
following that price fell finding support at the 50% fib level. However DXY's recent bullish trend market structure was broken as it formed a lower low.
i will be watching this carefully over the coming days.
expecting price to return to find support somewhere in the 93.00s and ...
Seeing that BHP is at a strong resistance level, I expect a small retracement before price reaches for highs between 1100 -1200.