The USDollar is currently moving up in a bullish wave on the 1-hour timeframe, corrective of the last downward wave that started on April 28. Overall, retail traders continue to stack long USD positions. These two factors, current bullish market price structure, and aggregate USDollar retail trader bullish positioning, indicate downside risk is favored to upside risk. We are waiting for confirmed breakdown and reversal of the current bullish market structure to enter short positions on the USDollar. Then, we will hold short as long as the bearish structure remains intact. This will create limited downside risk and provide unlimited upside risk on our trades.
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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.