DXY Update at Another Key LevelIf we cant finish the week below 94 I will be expecting and looking for a reversal and eventually a retest of resistance zones in the 96 region. If market conditions are favorable up around 96 I will look for bearish DXY plays. Looks like we are playing major price levels for the time being i.e. 94 95 and 96.
Currently waiting for 94.2ish for possible bullish DXY plays to start coming out.
Tradeplan
DXY Update. Hourly Chart; Fighting for a Key LevelStill seems bearish on DXY . We can see here DXY has broken 95.20. It seems to be holding below on the lower time frames but its still a bit early to tell. Ideally I'd like to see 95.25ish hold as resistance and then look towards 94.75 for closest support.
My Eur trade got stopped. Usdcad , UsdChf , and Usdjpy are all looking good and have stops well into profits now so we are just waiting until this chart shows us what it wants to do next. Message me with questions, comments, concerns, or for my analysis on a specific pair. If we do turn bullish I will wait for a retest of where ever we took off from and look to get in possibly on a nice retest
$XAGUSD Long TradeSilver looking to fill wick of daily candle, this is also the wick of the weekly candle. Silver loves to cup and handle, very round-like saucer pattern all the time, as evidenced by the chart. The trade I am playing is simply the range fill. Not looking to take the whole thing, just a nice piece, as the market can reverse at any moment.
DXY Hourly Chart. Start Looking for Short Plays off 97.30 - 97.5DXY is starting to get into selling territory. Expecting to see a test of 97.3 to 97.5 and if conditions are correct i will be taking a position in EU and possibly a few other pairs
I will link a USDCHF chart I see a few plays on as it seems to be correlating with DXY the most of the basket pairs. More charts to come as we reach 97.30s in DXY which would be roughly .95 in usdchf
Weekly Analysis of BTC/USD 05/17 - 05/22/2020These are my projections for the next week of bitcoin which could have multiple turnouts though now I see an ascending trend.
1. Resistance is is tested around 9878.00 area, and rejected back to support in 9417 - 9155 area.
2. Resistance is tested and surpasses into $10,000 - 10,200 Range.
Orr
3. Reject and fall through current support to the next major support area of $8500 - 8100 area.
In the very short term here is a long trade idea on EAHere is another Forex Trading Snack.
This is an example that I saw in the market this morning ( my morning ) and my trade setup as I took it, long with my thoughts as I planed it out. Price action certainly has changed while I was slowly typing this post. Just an example of how I trade a larger true average range currency pair. The plan here is to trade long in a short term trade but I believe counter trend in a longer market view.
Let’s face it trading a pair that has also this kind of daily true range isn’t easy. I mean why risk more then you have to. Right? In my book I try to risk less even though I could live with that kind of daily true range.
So here it is in my view! This isn’t advice, just a guy who risks his own money in search of making a bit more then what has been risked. In other words I trade! And that’s the life of a trader.
On my 1H chart I see the 21 SMA line ( in black ) bending upwards, and price has challenged the 89 SMA ( in red ) but pulled back. Here is where most would use the low as a stop setting point if the entry was to go long, but that’s not in my plan.
I use the law of extra large candles. What that is I look for a longer candle ( up or down, green or red ) the kind of candle I believe is where a larger amount of money has been placed compared to the previous 5-10 or 20 candles. I quickly place a retracemen study on that candles body or even the next few candles after that one—-what I’m looking for is a good pullback, a tradable one that also has good support or resistances to then trade with a measured but well defined risk zone. One where the stop is but a small part of the daily true range.
So on my chart post you can see I really like the red box as my buy zone, under the red box as my stop area. But looking for a break out over the top pink line. A line that shows me where previous price action has on the way down had slowed with momentum and has capped upward movements, indicating a defensive line where the bears have stepped in pushing price back down. That’s the battle ground! Breakout above that pink line and some bears will cover and take profits if they have them. Thus pushing price farther and still higher.
The large somewhat oversized candle shows a shift in the short term momentum and direction but better still it shows where the money entered into the price action and so in my opinion a tradable zone to then target a set up.
All of this is just one tool in the traders tool box and just an example of a current real life in the market trading ideas and how one trader looks at a strategy of trading this market.
As always a trading plan need statistical evidence of past price action to then develop a statistical but personal edge in trading. And this only helps develop an emotional control to what could go wrong. Because in trading risk is the only controllable thing we as traders we can control along with emotional or none emotional decisions we make.
In trading you either make dust or you will eat dust!
All the best in your trading.
If you decide to trade any ideas always remember that the risk is all yours. Just because I trade a setup or as I have posted doesn’t mean that’s right for you to do the same.
Xauusd Price actionHi Friends,
Xauusd Pric e is bullish so Let's me create Trade breakout Setu p plans:
# Plan 1 - Bu y @1705 and over, our tp1 is @1747 or tp2 @1808.
# Plan 2 - Sell @1670 ( better after bullish retest @1680/@1700 )
tp1 1576 or tp2 1486.
Remember all direction need confirmation before opening
My perspective for USDCAD! Good oportunityI was taking a look at USDCAD and saw some oportunities that could be great for us!
We had a nice and strong broke of our previous support that was holding the price for a few days, that means we must wait for a correction
to take advantage of this short. In my opnion the bears are holding nice for the while.
Let's wait for the zones and make a good decision before we place our entry.
SEE YOU GUYS IN THE NEXT ANALYSIS!
OANDA:USDCAD