Plan A or Plan B on this index?
Updated
Hello, my dear friends and fellow traders.
What we are going to look at today is the US dollar index. When looking at the daily chart this is a good setup for the price of this index to go up. if we see if this index can be taken long position, according to the daily time scale in this index, it is at the lower side. Very dangerous one to take a long position. But it has the potential to go up.
So, keep the trailing stop small in this. If you take it for a long time, there is a 1:2 RR chance of giving it. Also, it has a 1:8 chance of giving a good move to go up.
However, due to the current opposition, there are chances to stop this rally. So, the first profit target in this should be 1:2. Then if you want you can keep 1:8 but it depends on the system.
Till then wishing you a good luck on this strategy. See you in my next post.
It is wise to follow your risk management before taking entry.
I love to share my ideas. Feel free to revise the text and provide feedback. It makes it so personal and improve us in better ways.
DXY
Thanks & regards,
Alpha Trading Station
Disclaimer: This view is for educational purpose only & any stock mentioned here should not be taken as a trading/investing advice. We may or may not have position in the stocks mentioned here. Please consult your financial advisor before investing. Because Price is the "King of Market".
What we are going to look at today is the US dollar index. When looking at the daily chart this is a good setup for the price of this index to go up. if we see if this index can be taken long position, according to the daily time scale in this index, it is at the lower side. Very dangerous one to take a long position. But it has the potential to go up.
So, keep the trailing stop small in this. If you take it for a long time, there is a 1:2 RR chance of giving it. Also, it has a 1:8 chance of giving a good move to go up.
However, due to the current opposition, there are chances to stop this rally. So, the first profit target in this should be 1:2. Then if you want you can keep 1:8 but it depends on the system.
Till then wishing you a good luck on this strategy. See you in my next post.
It is wise to follow your risk management before taking entry.
I love to share my ideas. Feel free to revise the text and provide feedback. It makes it so personal and improve us in better ways.
DXYThanks & regards,
Alpha Trading Station
Disclaimer: This view is for educational purpose only & any stock mentioned here should not be taken as a trading/investing advice. We may or may not have position in the stocks mentioned here. Please consult your financial advisor before investing. Because Price is the "King of Market".
Trade closed: target reached
1:2 Target hit in the morning
Disclaimer
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