Incomplete H&S Formation on the 1HR - looking for a strong down-move, potentially a weekly 1300 - 2000 pip trade.
Support, Demand & Trend-line Confluence
Price failed at the ATH with RSI Uptrend Broken, looks like a potential M Formation.
Crab within Bearish 3 Drives Formation. D point against a very Bearish Daily support Line & 61.8% of Daily Uptrend Break.
Plenty of evidence to suggest an incoming correction or reversal for DXY.
Weekly Short Opportunity on Retest of two Weekly Trendlines, on the 38.2 and showing Divergence.
We must be aware of the trend-line above and measure in our risk to take account of this. I am also TPing to the real strong support area underneath first as opposed to the opposite side of the channel.Look for a break and flag or a supply wick.
If you're not in this yet I'd recommend not leaving it too much longer. Ideally waiting for another long wick to the upside but if not wait for a break & Flag for a straightforward move down.
H&S formation on the monthly, is it time to finally drop or will it push up towards the trend line? Looks like a standard Break/Retest on any other timeframe. Big US news today could enable this decline, however DXY still looks incredibly weak.
So we caught the downmove and made alot of money, why not catch the upmove too?
A couple of CAD pairs seem to be seeking momentum from a bearish move to push through weekly trend lines, which is interesting considering positive news is expected.
We can see this bearish Flag breaking down within an area of Supply this could be telling with the CAD news coming up shortly.
Im seeing Divergence with RSI & Stoch just below the Weekly, 38.2 & 78.6. Still wary of one more push up therefore I am waiting for a strong bearish candle and selling off the flag.
Expected to fail on the 78.6 or the 88.6 cant see it reaching the top. Currently consolidating upwards in a bearish fashion in anticipation of a big move.
Perfect flag sitting on the EMA's having broke trend, only one way for this to go.
Looking at exhausted price in the 50% supply area having previously posted a Lower Low signalling a downtrend movement.
Looking at a break of the 61.8 & a trade within the Bollinger Median & the 200 SMA which could be a potential Neck-Line.