This pair was analyzed with multi timeframe analysis and zooming out on EU, it looks quite bullish and I am forecasting further upside. Yes, I understand that we are at (and potentially rejected off) a critical resistance level but we are also in a corrective structure projecting a bigger move to the upside.
While looking at DXY, we have the exact opposite, where we have a Bearish Structure currently consolidating for further downside.
Some confluences to support this idea:
The first step in order to validate this idea, will require a clean break above the resistance zone around 1.22.
Let me know your thoughts.
Trade Safe!
HEET
ps. I generally post alot of updates as the idea/trade evolves. If you want to stay updated, please click the "Follow this idea" button.
While looking at DXY, we have the exact opposite, where we have a Bearish Structure currently consolidating for further downside.
Some confluences to support this idea:
- Inverted Head & Shoulders pattern formed
- Counter-trend of Daily Bearish Structure with Break & Retest
- Daily Bullish Wick that should normally be filled
- Previous COT data shows an increase in longs. New data will need to be reviewed when released.
- Potential formation of weekly ICI pattern
- Potential formation of new Daily Bullish Structure
The first step in order to validate this idea, will require a clean break above the resistance zone around 1.22.
Let me know your thoughts.
Trade Safe!
HEET
ps. I generally post alot of updates as the idea/trade evolves. If you want to stay updated, please click the "Follow this idea" button.
הערה:
I am looking for the break of this structure for continuation of DXY down. And when/if that happens, it should push EU up for the longs we have been waiting for.
הערה:
We got the clean break below the structure.
Although we may see a pullback, this is the point where I am expecting continuation to the downside.
Although we may see a pullback, this is the point where I am expecting continuation to the downside.
הערה:
DXY gradually inching its way down. Really need to break the next level of support for continuation.
הערה:
DXY is really struggling to break this zone.
הערה:
Did DXY finally break through? It looks like it.
Hopefully we get continuation now.
But there is a key level that we are hitting as I type this.
EU has a little more to go to break the resistance zone. Nice progress:
Hopefully we get continuation now.
But there is a key level that we are hitting as I type this.
EU has a little more to go to break the resistance zone. Nice progress:
הערה:
DXY dipped below 90, which is a key psychological level but wasn't able to get a clean break with a close below this level. I still think that DXY can get below this level for further continuation and further upside for EU but I lost confidence that it was going to happen tonight.
I closed all my trades at this level as I was in very good profits tonight and didn't want to risk any potential losses. 2 trades were closed over 40 pips and 2 trades were closed around 30 pips. Another thousand more would have been nice but I'm content with my profits tonight.
I closed all my trades at this level as I was in very good profits tonight and didn't want to risk any potential losses. 2 trades were closed over 40 pips and 2 trades were closed around 30 pips. Another thousand more would have been nice but I'm content with my profits tonight.
NQ Trader
