Plan to Long up to 0.666
Updated
1. A descending daily channel is broken by an ascending daily channel.
2. I drew the price movement according to the price action rules inside the chart.
3. While it is certainly possible for the price to drop, and there are many reasons for this, the overall movement currently appears to be on the rise.
4. In addition, if we learn from the past - we can also see a similar movement on the left side.
I estimated the target based on the Engalfing candle from the daily interval (and from what I've seen, those candles work quite well on this chart).
The trigger might be the Fed announcement tomorrow, and really as we'll see - all the charts look like they're waiting for that.
At the same time - the movement of the DXY seems quite suitable for the plan (that is - rising to the nearest resistance and then going down to support - check the chart).
By the way, it's not 666 but 0.666 so I'm not (really) afraid... :-)
2. I drew the price movement according to the price action rules inside the chart.
3. While it is certainly possible for the price to drop, and there are many reasons for this, the overall movement currently appears to be on the rise.
4. In addition, if we learn from the past - we can also see a similar movement on the left side.
I estimated the target based on the Engalfing candle from the daily interval (and from what I've seen, those candles work quite well on this chart).
The trigger might be the Fed announcement tomorrow, and really as we'll see - all the charts look like they're waiting for that.
At the same time - the movement of the DXY seems quite suitable for the plan (that is - rising to the nearest resistance and then going down to support - check the chart).
By the way, it's not 666 but 0.666 so I'm not (really) afraid... :-)
Trade active
long entry (0.6580)Note
as far as I see it, 3 main rejection points: 0.66000
0.66137
0.66330
destination is 0.66575
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