DXY May 5th Idea - Short
Updated
The higher time frame point of view states that we are looking bearish due to the Monthly. March's high and April's high were denied and the points identified on the daily time frame show how they coincide with current price action. With much SS-Liquidity resting above the daily highs (also April's high), we will see pairing of longs to shorts and then a sellside movement cutting through arrays outlined on the 4HR and 1HR. Near term exit point for TP would be 98.30-97's or we may even see a run to 94's since there is little to none bullish arrays.
Note
Looking back on this now with Non-farm Payroll (NFP) week over, there wasn't as much volatility as we thought. Areas of significance follows. Since price was extremely one-sided (bullish) on May 6th going through the balanced orange Fair Value Gap (FVG) we can see how this was destined to play out. That sellside imbalance then spawned a chain reaction to unfold, showing it's hand, by reaching for 79% OTE then exchanging contracts to fill in the FVG on sellside balancing it out. After this PD-Array was taken, price tested the 1HR Bearish Order Blocks (BeOB) around the 99.60-99.58 level which sent it southbound to then reach a Bullish Order Block (BuOB). We will see what next week brings on Sunday for price action movement.
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