Chart may look confusing but you can see the shift in the channel heading upside, correlates well with DXY as I am bearish until any major change.
I will be waiting patiently, would like it to reach a double bottom in blue and if correlate with DXY bulls all the way to channel and then even further up
My thoughts on the DXY based purely on price action.
We need the middle section on the larger channel to eventually complete, and as there is channel within the channel, this is on its last leg down.
Views could change tomorrow if drastically spikes up but so far usd=sells!
What are your guys thoughts?
This is the longest trade I have ever been in! 2 weeks and still bearish with this.
Can see their is an opportunity to re-enter to ride this potentially further down.
Channel has formed, middle completed, arrows shows where it could go before dropping dramatically, better option of course is the third touch, could even fake out here as buy so may need to wait...
2 ways you can take this, Reduced risk entry, so on the break of the small correction and trend line
or if reaches back up to the start of the correction can enter here
Enter as you wish, was not as clear but can see its possibly completed the Chanel and final stage of sell to ride back down
Can see a correction has formed after the breakout of channel, it has rejected the 61% but I will be entering on reduced risk entry ,
Entry on the break of the trend line all the way towards the end of the trend line as the TP over 200 pips if we reach there.
Channel created, middle section complete with a bullish push back up, now a retracement that may hold near the 61% fib, with potential to go back up to at least the first Double Top but aiming for the high of channel where potential to ride back down,but will watch how price moves if we reach TP.
Potential Sell at reduced risk entry unless it goes back up to test the double top and potential to re enter.
I like the way it has moved i.e the pull back so potential for it to continue dropping.
TP is optimistic as can turn around at any strong resistance but it can reach there!
I ended up entering a little early yesterday (as seen on the chart) but the sell is still valid.
It broke the corrective channel, was close to the Double top but slightly missed, came back into structure with new low, and can see it retraced to the golden fib 61% nearly 3 times.
The above is exactly my thinking when I enter trades, hope this is useful, if agree...
Broke out of bullish pennant and now at pullback for potential further buys.
First TP back to top but can trail SL from there
I have kept a larger SL this time, as it can (hopefully not) reach for the third touch of trend line)
Overall trend is bullish, with a deeper correction (which we are currently in) before potentially moving back to the upside,
however as a new low has emerged and broken the trend line, we could move all the way back down before attempting a bullish run for the final attempt.
Reached a double bottom and expected buyer pressure here for a long, however on the weekly we are not far from the third touch of the trend line so I am being patient to see if it reaches there, alternatively if it goes up now I will wait for clear buy pattern to retest that bottom.
here is the weekly for outer structure
I like the way it has moved collectively towards the double top, so have taken a sell position.
May reach the larger double top, or even start to become a buy at some point, but for now I would like it to fall and trail TP
Correction channel with inner structure, price touched the double top but slightly missed the third touch of the outer structure, luckily I entered at this point.
We are now having a small pull back for a second entry for anyone who missed it. Would be nice if this goes to retest the purple zone (30% fib) but knowing it could go earlier as its creating a small...
Need to be patient as a few structures to consider,
we have the 2 internal structures with price currently at a smaller daily top (forgot to include) and the outer daily structure with double top.
Will keep an eye on how this moves, as potential for big sells soon.
3rd touch of corrective channel, did not unfortunately make it to the double top in blue.
It did come back into structure, I missed the original entry, but this seems valid as new low and now testing zone with 50% fib rejection.
I have added a 15min trend line, as i think this is the best way to enter to confirm a sell. would you agree?
I am still working on my...