Dollar Index: Top in the horizon
Updated
The Dollar Index quarterly chart has an uptrend signal comprised of 20 bars that has hit the target ahead of time.
To make things more interesting, the range expansion rally near the top is about to fail, meaning that price might not reach the target on chart on time. If this were to happen by the end of the year, a retracement of the whole advance would be a probable event.
In the daily we can observe a more tradeable setup forming, with a potential rising wedge completion, culminating in an uptrend target failure, which would give us a good excuse to short the Dollar accross the board.
The date the uptrend expires in the daily is December 3rd, so, pay close attention the Fed meeting on the 30th, and how the market reacts to it, and to the coming days' price action.
If you want more information in managing positions like these, and the way I'm approaching FX trading, contact me or Nicholas Coulby (ncoulb1) here, we're running a trading room chat via Skype, providing timely trade signals and coaching for a monthly fee.
Kind regards,
Ivan Labrie
Time at Mode FX
To make things more interesting, the range expansion rally near the top is about to fail, meaning that price might not reach the target on chart on time. If this were to happen by the end of the year, a retracement of the whole advance would be a probable event.
In the daily we can observe a more tradeable setup forming, with a potential rising wedge completion, culminating in an uptrend target failure, which would give us a good excuse to short the Dollar accross the board.
The date the uptrend expires in the daily is December 3rd, so, pay close attention the Fed meeting on the 30th, and how the market reacts to it, and to the coming days' price action.
If you want more information in managing positions like these, and the way I'm approaching FX trading, contact me or Nicholas Coulby (ncoulb1) here, we're running a trading room chat via Skype, providing timely trade signals and coaching for a monthly fee.
Kind regards,
Ivan Labrie
Time at Mode FX
Note
On track.Note
I don't want to label things but that looks like a complete terminal triangle to me.Note
Uptrend failure after the daily close. Look to short back towards 99.214.Note
Working.Note
This is a pretty epic forecast I have to say...Note
Marching down south.Trade closed: target reached
After hitting all targets, it's possible that the DXY is reversing and about to trend up again.Note
We have formed a quarterly range expansion down bar now.By this quarter's close, we get a validation level for the downtrend.
Generally speaking, the trend is technically still up, even if the first target has been met.
If sentiment shifts to bearish on the dollar on a massive scale, price will surely head the other way.
Market will go where the stops are.
I'm expecting a turn around these parts.
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