Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
I always keep an eye on DXY to feel the overall market (stock, crypto, forex)
As per my last analysis (attached on the chart), DXY is approaching a strong support / demand zone in blue (102 - 103.5)
And we can clearly see that the bears are getting exhausted as they the bearish impulse movements are getting smaller.
As per my trading style:
As DXY approaches the blue zone, I will be looking for bullish reversal setups on lower timeframes (like a double bottom pattern, trendline break , and so on...)
For now, we are still bearish trading inside the orange channel.
For the bulls to take over, we need a break above the last high in orange and the upper orange trendline.
Meanwhile, DXY can still trade lower inside the blue support before forming a new swing high and break it upward.
In brief, wait for a break above a major high AND upper orange trendline for the bulls to take over.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
I always keep an eye on DXY to feel the overall market (stock, crypto, forex)
As per my last analysis (attached on the chart), DXY is approaching a strong support / demand zone in blue (102 - 103.5)
And we can clearly see that the bears are getting exhausted as they the bearish impulse movements are getting smaller.
As per my trading style:
As DXY approaches the blue zone, I will be looking for bullish reversal setups on lower timeframes (like a double bottom pattern, trendline break , and so on...)
For now, we are still bearish trading inside the orange channel.
For the bulls to take over, we need a break above the last high in orange and the upper orange trendline.
Meanwhile, DXY can still trade lower inside the blue support before forming a new swing high and break it upward.
In brief, wait for a break above a major high AND upper orange trendline for the bulls to take over.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich