Does anyone have an analysis on dxy?
Cable Update (GBPUSD)
From a Daily chart perspective it seems like Cable is in a Wave 2 (Yellow) sideways correction and internal structure of Wave 2 is an ABC (Red). It seems like the C wave is an ending diagonal and an ending diagonal is a special kind of 5 wave pattern and by the looks of things it seems like wave 5 (Dodge Blue) may have just begun of the bounce of the 1,3730 handle which is past resistance new support but it's too early to tell because higher timeframes take longer to develop. The Diagonal pattern will be invalid if price breaks below 1.3700.
On the 4 Hour chart you can see a close up of the internal count of the Wave C (Red) of the ending diagonal. 1.3800 handle is a strong level but as you can see price exploded back above it so as long as price remains 1.3800 probabilities may lead to buy scenario. I think 1.3900 may be the next target for the bulls if they maintain momentum. If price breaks below 1.3800 then I will stop trading and reassess my plan
On the 1 hour chart price has broken my trendline and my minor resistance @ 1.3820/10. I will be looking for a re-test of the level and/or trendline and then continuation to 1.3900.
This is not a signal or trade recommendation. I am just sharing my idea for perspective.
Good luck and Safe trading.
On the 4 Hour chart you can see a close up of the internal count of the Wave C (Red) of the ending diagonal. 1.3800 handle is a strong level but as you can see price exploded back above it so as long as price remains 1.3800 probabilities may lead to buy scenario. I think 1.3900 may be the next target for the bulls if they maintain momentum. If price breaks below 1.3800 then I will stop trading and reassess my plan
On the 1 hour chart price has broken my trendline and my minor resistance @ 1.3820/10. I will be looking for a re-test of the level and/or trendline and then continuation to 1.3900.
This is not a signal or trade recommendation. I am just sharing my idea for perspective.
Good luck and Safe trading.
- #606,843
- Jul 4, 2021 3:00pm Jul 4, 2021 3:00pm
- Joined Dec 2020 | Status: Re█████ | 2,868 Posts
Does anyone have an analysis on dxy?
I'll look at highs/lows of recent ultra-high volume candles, in case of retrace and reaction ~92.5 – big pacmans are still there.
Air force
- #606,845
- Jul 4, 2021 3:11pm Jul 4, 2021 3:11pm
{quote} Interesting-yea, I pointed out this zone before the announcement, it was a powerful untested zone. I did not have the courage of my convictions though, I put in the buy before the announcement, locked it in quickly and predictably got stopped breakeven. And no way I could have foreseen a 100 pip rally. A lot depends on the dxy next week, we did wick into weekly supply before rejecting. In the first instance I expect a retest so the dollar to rise and then probably reject off of the 92.5 area, at which point I'll look for buys on cable. DXY...
find a way to make money in your sleep or you work until you die
- #606,846
- Jul 4, 2021 3:33pm Jul 4, 2021 3:33pm
- Joined Dec 2015 | Status: Trader | 8,751 Posts
Here's my take on the GBPUSD market from the technical perspective of a swing trader. Although the GBPUSD market is still technically bullish, it is under increased bearish pressure. On the daily time frame, price action is technically bearish but presently it is in a sideways mode at the 1.38780/1.37850 horizontal support area (green) having broken below a rising trendline (red) that had been active for several days. Price action printed a bearish candlestick on Thursday, but it printed a mitigating bullish candlestick on Friday which failed to close above the bearish candlestick printed on Thursday. Basically, the technical impulse favours bears but price action is seeing a bullish correction. I am bearish this market but as a swing trader, I will like to see first a bullish correction to an area of value, such as the 61.8 Fib retracement zone of the recent downward swing – an area which is in confluence with the 1.40200 round number (magenta).
I may be wrong. Trade safe and prosper.
KP
Disclaimer: Please note that the analysis above is not a market prediction but to contribute to forum members' knowledge. I have not revealed how I will trade this market, so please trade based on your own trading rules and analysis.
I may be wrong. Trade safe and prosper.
KP
Disclaimer: Please note that the analysis above is not a market prediction but to contribute to forum members' knowledge. I have not revealed how I will trade this market, so please trade based on your own trading rules and analysis.
Do your homework, follow the footprints of smart money
- #606,847
- Jul 4, 2021 3:36pm Jul 4, 2021 3:36pm
- | Joined Dec 2008 | Status: MMA Pro Wrestler | 17,549 Posts
GU
Thinking cap not recommendation.
I just want a signal and an entry every time, knowing that I've already done the work and set the rules.
I want to use probability as my edge.
Price does one of two things.....goes up or down.
It can go sideways, but only for so long.....trading should be easy.
Thank God it is.
It us who make it hard.
Trade safely
Thinking cap not recommendation.
I just want a signal and an entry every time, knowing that I've already done the work and set the rules.
I want to use probability as my edge.
Price does one of two things.....goes up or down.
It can go sideways, but only for so long.....trading should be easy.
Thank God it is.
It us who make it hard.
Trade safely
I come from the future.
Karen X Mas Bonus 2025 All Time Profit:
$15,104
- #606,848
- Jul 4, 2021 3:40pm Jul 4, 2021 3:40pm
GU Thinking cap not recommendation. I just want a signal and an entry every time, knowing that I've already done the work and set the rules. I want to use probability as my edge. Price does one of two things.....goes up or down. It can go sideways, but only for so long.....trading should be easy. Thank God it is. It us who make it hard. Trade safely {image}
find a way to make money in your sleep or you work until you die
- #606,849
- Jul 4, 2021 3:46pm Jul 4, 2021 3:46pm
- Joined Dec 2020 | Status: Re█████ | 2,868 Posts
{image}waiting for 1.43000
With the whips and chains
To see him fly
So many died
We built a tower of stone
With our flesh and bone
Just to see him fly
But don't know why
Now where do we go?
(Song by Rainbow)
Air force
- #606,851
- Jul 4, 2021 6:59pm Jul 4, 2021 6:59pm
- Joined Mar 2020 | Status: Trader | 3,499 Posts
Does anyone have an analysis on dxy?
But I'm at -74%
Compulsions can be hard to resist
- #606,854
- Jul 4, 2021 8:26pm Jul 4, 2021 8:26pm
- Joined Dec 2017 | Status: Trader | 30,688 Posts | Online Now
yes yes yes
- #606,856
- Jul 4, 2021 9:03pm Jul 4, 2021 9:03pm
- Joined Oct 2010 | Status: Trader | 21,478 Posts
Intraday only.
- #606,857
- Jul 4, 2021 9:12pm Jul 4, 2021 9:12pm
- Joined Mar 2021 | Status: Crazy Frog | 3,775 Posts
{quote} I do not agree with this post and GU chart. It is likely to trade below friday high to test daily pivot first. Then the direction may change in London.
M5 - M15 - M30 is forming bull channel i may be wrong
at least up a few percentage and dropped later
"Buy Cheap and Sell Expensive , Its Market Anyways where People Get profit"
- #606,860
- Jul 4, 2021 9:44pm Jul 4, 2021 9:44pm
- Joined Jun 2010 | Status: Trader | 16,699 Posts
ITB - Seeing Orderliness amongst 'Randomness'