DXY has been distributing sideways for a long time and I believe its due for a bigger correction of the major rally in 2018 (Elliott Waves Y wave of WXY).
I have outlined my Harmonic analysis of confirmed Gartley on daily TF. Although, by the time I am writing this idea it already made initial reaction I strongly believe there is still room for a bigger drop.
Note, that since initial reaction of PRZ has been already made, there is a chance that price will try to re-test PRZ. In this case we will have a chance to make better short entry.
I have outlined my Harmonic analysis of confirmed Gartley on daily TF. Although, by the time I am writing this idea it already made initial reaction I strongly believe there is still room for a bigger drop.
Note, that since initial reaction of PRZ has been already made, there is a chance that price will try to re-test PRZ. In this case we will have a chance to make better short entry.
Kommentar:
DXY gives us a chance to make a better short entry - blue comment on original chart.
Scaling into this trade by adding if spikes further is better approach for the entry to my opinion. I am confident that DXY will drop as planned eventually.
Scaling into this trade by adding if spikes further is better approach for the entry to my opinion. I am confident that DXY will drop as planned eventually.
Kommentar:
DXY reached Gartley's PRZ again. It is normal. Risk hungry traders can try to hunt shorts at the top. I anticipate price to stall here near PRZ. Safe short positions can be made when price dropping below PRZ. That will trigger bigger move down.
Kommentar:
Shoring opportunities at better prize are here. Entry points are on the chart below.
Trade ist aktiv
Trade ist aktiv:
Safe entry also got triggered. This move in dxy will affect all other markets. Gold, oil, stock...
Kommentar:
Progressing well today. Broke major support. 0.5 fib provided a bounce but will it hold? - My bet is no.
Kommentar:
For better safety of the trade setup SL at break even.
Trade geschlossen: Stop wurde erreicht:
Break even SL got hit today. No loss, no profit.
Trade ist aktiv:
Re-entered short at $96.83. Setup is still valid.
Kommentar:
Added to DXY short at $96.89.
Trade geschlossen: Stop wurde erreicht:
SL got hit on this trade. Not in position at the moment. Setup is still valid until 97.71 top is decicevely broken up. Will be watching for new entry.
Trade ist aktiv:
DXY breaks down PRZ again. Entered short. Babysitting until it leaves PRZ decisively.
Trade ist aktiv:
DXY produced shooting star today on daily TF. Added to short position at $97.25.
Trade geschlossen: Stop wurde erreicht:
SL hit. This idea got invalidated and closed.
Let's list today's achievements:
a) 50SMA and 100SMA - broken down.
b) 20SMA - middle of Bollinger Bands broken down - suggests we will hit bottom boundary.
c) RSI 50% broken down.