USDOLLAR trade ideas
Possible H&S forming on US Dollar??? The US Dollar has once again doubled bottomed at 12311.
Last double bottom @ this support level occurred between 12-5-16 - 12-8-16 before peaking 12-30-2016
I'm going to hold my Long position with USDCAD also hold my Short Position with EURUSD until I get further confirmation on which way she's going
Thoughts?
Prepare your USD longs!From the chart we can see that the US downtrend will probably end around the 3rd of Feb. A bounce around 12200 and break from the red line, would clearly indicate the end of the pullback after the strong USD rally.
Many important news are coming at the end of this week and during next week, which could really speed things up depending on how good or bad they are for the US trading pairs. I don't expect the fundamentals to be that bad for the US economy and I think the most important things to look at is the FED meeting on the 1st of Feb, as well as the unemployment, non-farm payrolls and the ISM non-manufacturing data on the 3rd of Feb.
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US DollarIt looks like the USDOLLAR has reached a strong S/R line. In keeping with the axiom of trading with the trend, I will be looking for clear signals, when it enters the S/R zone, to confirm that it will be continuing upward. Anything can happen, but in this case, there is a decent probability that it might continue with the trend.
Good luck to everyone, trade safely and with clarity.
Declining DollarFollowing Trump's inauguration last Friday the BEARISH tone to the USD looks certain to remain and we've been SHORT SPX500 from 2264 in the belief that this market is overbought and due a correction.
With the USD declining and the Dollar Index heading south, we are expecting more dollar weakness which should boost all USD pairs although not at the same rate. With dovish noises from the RBNZD , the New Zealand Dollar may not advance as much as the GBP so each counties fundamentals need to be factored in.
We are SHORT USDOLLAR Index looking for a move down to test support at 1231. Under that opens a move down to the 200 day SMA at 1210 area.
The US market open will be particularly interesting today.
Why do you trade? Trading Goals and motivations (trade plan)Why do you trade? Consider writing down your personal trading goals.
The following are my personal Trading Goals & Motivations (taken from my trade plan).
Goals - Consistency
1. Focus on the process and let the results happen
2. Think in probabilities and whether I followed my plan. (Not right or wrong)
3. Master the ability to sit on my hands
4. Demand constant improvement
5. Follow the rules of my trade plan, ALWAYS.
6. Master the mental game
Goals - Financial
1. Fund and trade full account
2. Replicate my current income through trading (short term plan)
3. Once (1) is accomplished, maintain and build wealth (long term plan)
4. Have the freedom to quit my job if I so choose
Motivations
1. BE SUCCESSFUL = Achieve repeatable, consistent trading, reach goals,
2. Live the life I want. Flexibility, lifestyle, comfort, schedule, travel
3. Enjoy the journey
4. Continue to learn and get education
