Although it is true, it is against an uptrend, but DXY is completely stretched and needs a pullback (and so does the Australian).
In analysis:
It has reached the upper end of a daily ascending channel, and is no longer far from monthly resistance.
Shows good signs of strengthening in declines.
Only for these reasons - I will take this scalp - *but only if it is conducted in a predictable and simple way* - because it is against the general trend.
I will wait for a return rise, maybe it will return to the previous daily high (checking the shoulder) and with signs of a reversal - short. Target by template size.
In analysis:
It has reached the upper end of a daily ascending channel, and is no longer far from monthly resistance.
Shows good signs of strengthening in declines.
Only for these reasons - I will take this scalp - *but only if it is conducted in a predictable and simple way* - because it is against the general trend.
I will wait for a return rise, maybe it will return to the previous daily high (checking the shoulder) and with signs of a reversal - short. Target by template size.
Note
Back to checking the accumulation zone would be really perfect and also 0.618 Fibonacci.
Return to neckline will be 0.38 Fibonacci.
And as usual... there are a lot of fish in the sea, it's better to fish with a safer method.
Trade active
MFI (10) begins a decline. on a descending trend line. pulled back to expected location.
I'm in for a short, with a stop over the shoulder.
And yet - it's a risky deal
Don't forget that it is against the trend. Can definitely turn around and go up again...
Note
I reduce my stop to just above the day's open, exit almost at the starting point, almost break even. If the momentum continues - great.
You should pay attention to the rising channel that has now formed and it is possible that he will stop at the bottom of it and continue on it.
Trade closed manually
Risky, but I went out breakeven
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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.
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.