Bullish H&S on DXY
Updated
Daily DXY sitting on high volume node, rejecting lower prices.
Moving higher will form reverse H&S pattern with neckline in 102.
Measured move will test high volume node on 104.
Confluence with VWAP from July low and October high.
Added confluence with Fibonacci retracement levels from said Jul Low to Oct High and Oct High to Dec Low.
Jul Low, Oct High, Nov Low, Dec High and Dec Low also form XABC bat pattern suggesting break out.
Move to 104 will begin forming new reverse H&S neckline with Left Shoulder the Nov Low, Head the Dec Low and Right Shoulder the expected retest of the current 102 neckline.
On the event of break out from the 104 neckline, expected measured move to 106 as high volume node with Fibonacci confluence.
Prediction: Breakout from 102 to 104, retest of 102 and rejection, test 106.
Trades:
Long 102 ( Profit:104, Loss:101.5, R/R:4 )
(Expected) Short 104 ( Profit:102, Loss: 104.5, R/R:4 )
(Expected) Long 102( Profit:106, Loss:101, R/R:4 )
Moving higher will form reverse H&S pattern with neckline in 102.
Measured move will test high volume node on 104.
Confluence with VWAP from July low and October high.
Added confluence with Fibonacci retracement levels from said Jul Low to Oct High and Oct High to Dec Low.
Jul Low, Oct High, Nov Low, Dec High and Dec Low also form XABC bat pattern suggesting break out.
Move to 104 will begin forming new reverse H&S neckline with Left Shoulder the Nov Low, Head the Dec Low and Right Shoulder the expected retest of the current 102 neckline.
On the event of break out from the 104 neckline, expected measured move to 106 as high volume node with Fibonacci confluence.
Prediction: Breakout from 102 to 104, retest of 102 and rejection, test 106.
Trades:
Long 102 ( Profit:104, Loss:101.5, R/R:4 )
(Expected) Short 104 ( Profit:102, Loss: 104.5, R/R:4 )
(Expected) Long 102( Profit:106, Loss:101, R/R:4 )
Trade closed: stop reached
Take profit on 104, wait for small timeframe reversal pattern to initiate on downside.Note
Signs of Double Top on small time frame, waiting for confirmation of downtrend on 103.875Trade closed: target reached
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