Hi Mates, Doing weekly review on Dxy for trade posssibilities in coming sessions, So it Opened at 104.264 and after made weekly low of 104.025 created a base near to this weekly low and after made a wekly high of 105.157
So we got a weekly range of 105.157 (week high) to 104.025 (week low) in which this week's low was near to previous week's high indicating a positive directional price movement.
Trade Ideas-:
Currently the price direction indicating that it will going to touch channel support for a bounce from there or break, So sharing my trade ideas below.
Bullish scene- It can break weekly high resistance directly and can do next mention target on chart after resistance break.
Bearish scene- Can break channel support and can do mention target on chart after channel support break.
trades mentioned above i will do on above or below daily candle close basis, one can use own time frame for tracking this idea.
This is not and trade or investment advice. This idea is meant for learning only.
Best Regards happy trading- Amit
So we got a weekly range of 105.157 (week high) to 104.025 (week low) in which this week's low was near to previous week's high indicating a positive directional price movement.
Trade Ideas-:
Currently the price direction indicating that it will going to touch channel support for a bounce from there or break, So sharing my trade ideas below.
Bullish scene- It can break weekly high resistance directly and can do next mention target on chart after resistance break.
Bearish scene- Can break channel support and can do mention target on chart after channel support break.
trades mentioned above i will do on above or below daily candle close basis, one can use own time frame for tracking this idea.
This is not and trade or investment advice. This idea is meant for learning only.
Best Regards happy trading- Amit
Note
Price reaching to channel support as mentioned in idea that direction is indicating it will touch channel support, now will wait for a bounce from here or break this supportNote
Support target 1 complete, which i assumed that price is indicating for going to touch lower levesl. Now if sustain below support with bearish strength can touch more levels marked belowNote
Price it is heading towards channel support so now this support will act as resistance now as price is trading below that support. So again we can see a seeling pressure from there and if price will break that channel support can touch wekly high resistance too for this i will use hourly time frame chart closing basisNote
Price is taking strong rejections from mentioned channel support area as it become resistance now and after break that again touched support target 1 below, And now got a bounce from there so now let's see that it will again rejected from there channel support or will break that if break that resistance i assume that this time it will reach to mention weekly highs on chartNote
Mentioned in update above that i assume that this time it will touch weekly high resistance if channel resistance will break so we got a move and it touched weekly high resistance and went near to target 1 after breaking weekly high resistance still sustaing above resistanceNote
Superb movement observed today in Dxy and traded too as mention in updates above, Aftre breaking channel resistance break weekly high resistance and did target one for me and heading towards resistance target two, levels working very nicely for me. Good gains i am getting cheers!Trade closed: target reached
Some how shared levels worked fine, Targets executed by given updates above
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Related publications
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.