Been waiting for confirmation for this pair after seeing the shooting star candle in the weekly chart. Setting up sell stop order at previous period -38.2 fib with first TP at -100 fib and 2nd TP at -61.8 latest fib line. Need to be careful of upcoming volatility though esp during CPI and crude oil news tomorrow. Also still not sure if this is simply a temporary consolidation of USD, or the beginning of USD weakness despite recent improvement in the US economy and hawkishness of Fed (which was already priced in by now).
project-syndicate.org/commentary/dollar-could-lose-global-hegemony-by-barry-eichengreen-2018-10
Daily:
Weekly:
Confidence: B (because of upcoming economic news tomorrow --might close and re-enter position after; sensitivity of this pair to geopolitical news)
project-syndicate.org/commentary/dollar-could-lose-global-hegemony-by-barry-eichengreen-2018-10
Daily:
Weekly:
Confidence: B (because of upcoming economic news tomorrow --might close and re-enter position after; sensitivity of this pair to geopolitical news)
Trade closed manually
Manually closing this trade now to lock some gain for this week because other USD and JPY pairs seem to be showing signs of reversing soon.Whether I'll resume trading this pair (or focus on CAD and gold next week not only in scalping but also in day trading instead) depends on whether DXY will resume its uptrend next week:
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.