DXY analysis
ANALYSIS: Price in DXY 1D chart is still trading in Rising Wedge formation. However, it is slowly narrowing to the very top. We could see the price trying to challenge the upper trendline in the last weeks.
MY COMMENT: Hi. My name is Kotryna. This is my second time conquering Forex.
I am using a very simple chart set up to do my analysis. You can see technical indicators such as:
EMA20, EMA50, EMA200;
Fib Retracement;
cRSI only for spotting divergences;
And 2 trendlines.
Once all indicators align together nicely, I am looking for confirmations into the 4H chart, sentiment report, and economical calendar for the major news release.
I believe simplicity is the key to identifying the direction of the next price move.
Sometimes the analysis can look brilliant and the price is about to surge or drop, but suddenly it doesn't go as planned. That's where open-mindedness comes in hand. Being able to adapt to sudden change and following the price instead of assuming what will happen is the key.
First-year in Forex helped me to realize that all 20 indicators will not help you to win trades. Your approach will. For another year, I was working away from the charts to become a better trader.
SIMPLICITY | DISCIPLINE | TIMING | FLEXIBILITY |
Please do not hesitate to comment on your ideas, or even drop me a message if you would like to share your outlook privately.
#protectyourmoney
MY COMMENT: Hi. My name is Kotryna. This is my second time conquering Forex.
I am using a very simple chart set up to do my analysis. You can see technical indicators such as:
EMA20, EMA50, EMA200;
Fib Retracement;
cRSI only for spotting divergences;
And 2 trendlines.
Once all indicators align together nicely, I am looking for confirmations into the 4H chart, sentiment report, and economical calendar for the major news release.
I believe simplicity is the key to identifying the direction of the next price move.
Sometimes the analysis can look brilliant and the price is about to surge or drop, but suddenly it doesn't go as planned. That's where open-mindedness comes in hand. Being able to adapt to sudden change and following the price instead of assuming what will happen is the key.
First-year in Forex helped me to realize that all 20 indicators will not help you to win trades. Your approach will. For another year, I was working away from the charts to become a better trader.
SIMPLICITY | DISCIPLINE | TIMING | FLEXIBILITY |
Please do not hesitate to comment on your ideas, or even drop me a message if you would like to share your outlook privately.
#protectyourmoney
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