{quote} The way to see it is:- the market have bought USD which is why it is going up..u go with it..do not try and second guess the market..if u look at the monthly on USD u see a bearish candle right? (previous candle) ..this only work in a weak market toward long on USD. There GDP has out-performed...so the question u need to ask yourself is why should the dollar sell off?
For example on the weekly chart we know there's strong selling pressure with big weekly candles moving away from this area but it's gradually being chipped away at. There may be unfilled limit sell orders waiting higher up. So I'm not selling USD i'm just prepared for price being blocked at some point. If we were halfway between the two weekly/daily levels i'd see it differently. Also if the weekly closes above this level then yeah Im all out dollar bull.
So say if a GU S&D level aligns with a DXY one then I'm going to be watching like a hawk for price action on the small time frames. I don't care if it's trending one way, I find these give you the very best intraday trades, the ones that come from out of nowhere and nobody is expecting. The sharp reversals. Like the last time we were down at 1.36 I was happily going in with buys full lot size despite the very strong down trend, catch one of these with a tight SL and you can take the rest of the week off
Agree I'm not blindly selling or buying at the levels or fighting the market just watching carefully for confirmation
Then i'm thinking well what's pushing the dollar up, is it just the equity market dip and is it likely to change soon. Even looking at the S&P which sold off maybe because of Afghanistan but has ran into daily demand and could easily rally now and send the dollar back (100pc overthinking at this point). Just about being prepared for anything. Anyways agree with you just saying how I see it, intraday approach is really only looking for a few dozen pips at a time if that
Appreciate the wisdom bro cheers
assume it will.
