Hello traders!
DXY formed an accurate orange Wolfewave on H1 timeframe confirmed by both RSI divergence and volume.
(The volume is not being displayed here, but in my terminal I can see significant volume at point 5 of bearish candle).
Entering shorts with initial SL being placed pretty high and after the break of line 2-4 and confirmation of continuing downtrend, SL will be moved behind the local peak as planned.
GL All!
DXY formed an accurate orange Wolfewave on H1 timeframe confirmed by both RSI divergence and volume. (The volume is not being displayed here, but in my terminal I can see significant volume at point 5 of bearish candle).
Entering shorts with initial SL being placed pretty high and after the break of line 2-4 and confirmation of continuing downtrend, SL will be moved behind the local peak as planned.
GL All!
Trade active
After forming point 5 in sweet zone of the wave, the price reversed and is following the current downtrend corridor.According to the wave's behavior, target may be moved more to the South (or vice versa, closed earlier if reverse wave is being formed for example)
Currently, half way is done, half way still to go :-)
Trade closed manually
Price almost touched point 6, just few pips difference. It may keep going South or reverse back to point 1 - no reason to take additional risk, target is considered reached, the wave was successful.
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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.