I entered an EU trade on the recent pullback.
During my DXY analysis, I was thinking that it is still bearish, at least for the short term. This should continue to push EU upwards.
I already set this trade to break even but hoping for continuation. Assuming it breaks the previous high, there is no reason why it cannot continue up to 1.215.
So far, the previous H&S analysis is still valid but I am not looking to hold this trade over the weekend, if it continues up. (Linked below)
Let me know your thoughts.
Trade Safe!
HEET
ps. I generally post alot of updates as the idea/trade evolves. If you wanted to stay updated, please click the "Follow this idea" button.
During my DXY analysis, I was thinking that it is still bearish, at least for the short term. This should continue to push EU upwards.
I already set this trade to break even but hoping for continuation. Assuming it breaks the previous high, there is no reason why it cannot continue up to 1.215.
So far, the previous H&S analysis is still valid but I am not looking to hold this trade over the weekend, if it continues up. (Linked below)
Let me know your thoughts.
Trade Safe!
HEET
ps. I generally post alot of updates as the idea/trade evolves. If you wanted to stay updated, please click the "Follow this idea" button.
Note
So far its its looking good. TP1 just hit and DXY broke the important level I was hoping for. But need to see that candle to close in 7 minutes. Note
We got a lower low on DXY and candle closure below the key level (barely). I would like to see more confirmation before I am convinced it will push down further. Note
We got that clean candle close below the key level on DXY. I am expecting further downside now.
This trade should benefit from a weak USD.
Note
TP2 just hit. Note
We created a lower low on DXY. But price is consolidating in a new order block. As structure is being created and we are right before NY open, I wouldn't be surprised if we saw a retracement pushing up before coming back down.
Note
As anticipated a bigger pull back. Still creating much lower highs. My trades are still open but I am watching this new order block closely and getting ready to close them out if I see a break up.
Even though DXY has strengthened, EUR is starting to gain some strength too. This could help to push DXY back down.
I am still anticipating a stronger push down on DXY. But really need to wait and see how this plays out whether I remain in the trade or not.
Sorry for the messy chart, I am starting to run out of space.
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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.