DXY still bullish
Updated
I am still bullish on the DXY for the intermediate term. The 240 shows a downward correction which should break the structure on the next move up. Watch for a strong break and close on the 4 hr candle followed by at least 3 x 1 hr candles in a sideways or slight pullback flag. Take the break of that flag. Your stop should be under the last pivot point before the break of the structure.
There is the potential to channel and could pull back to the .618 area. I would be confident to buy at or around the .618 with a stop below the 93 support area.
Because this could be short correction I do not have a sell setup.
Old gap may offer strong support if it gets there.
Educate yourself, create a trade plan, use other traders ideas to validate your idea. Own your trades good or bad.
"Do not confuse confidence with arrogance, one is from strength and the other from weakness"
K Hamilton Proudman
There is the potential to channel and could pull back to the .618 area. I would be confident to buy at or around the .618 with a stop below the 93 support area.
Because this could be short correction I do not have a sell setup.
Old gap may offer strong support if it gets there.
Educate yourself, create a trade plan, use other traders ideas to validate your idea. Own your trades good or bad.
"Do not confuse confidence with arrogance, one is from strength and the other from weakness"
K Hamilton Proudman
Note
Price broke but did not close above the trend-line. Remember you need a break of the trend-line and 3 sideways candles on one lower time frame. You buy the break of the small correction.Note
A nice corrective shallow pullback along the upper side of the trend line. This is indicating a break up is getting ready to happen. Price could creep down to the lower support area before breaking.Note
Starting to look like a correction is imminent. I will monitor this closely to remove my longs and take a short.Note
Look for a strong break of the blue 4 hr TL follow your breakout rules.If price rises to the red fib resistance confluence, look for strong bear indications to short
Trade closed: target reached
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