DXY Double Top with neckline break confirmation

DXY has confirmed a double top, and a neckline break. However, it's hesitant to fall just yet. We can see starting from the right top, prices started a 5 wave pattern, and is now in the correction phase. We're looking for B here, which might be right at the same higher low we previously posted at 93.41. This would create a double bottom, and send price up to the measured move at C. That is also the 61.8% retracement from the top of the double top to the neckline. From there, we should see a move down into 86.64 to complete the double top.

Note

If a pin bar is posted here at the arrow, then that should be the signal to go long with stops below the low. This is a "low, lower low, higher high, lower high" reversal setup.

Note

Note

This looks like a decent pin bar trigger.

Note

Price respected the level and started the rally up.

Trade active

Price hit the C target

Note

Idea worked out pretty nicely. Retest of 95 to get in short again.

Note

Top trendline adjusted. this is where we go down for the DXY

lawlee9

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.

lawlee9