Guys,
first of all, we are proud to share that our ideas here on Tradingview amounted to more than 250% return in just 4 Months. This is awesome and we hope that many of you profited from them!
We suggested during the past weeks that some leading diagonal pattern is slightly more likely than a triangle. Whatever it is, this pattern is tradable on both sides. We need to be a bit patient until a breakout.
The lower contraction support is in near sight. The equivalent line has been penetrated on the DXY already. We are closely watching the DXY for a potentially earlier hint. The entire structure appears overblown to be part of minute wave v(circle) already. We expect to see a resolution within the next trading week.
The short US Dollar trade is very crowded at the moment. The same applies to traders being convinced that we are dealing with a triangle here. Thus, many will be caught by surprise if the pattern breaks down to the downside. This speaks for a drop to the bottom of the light green trend channel. We have placed the target near and NOT at that channel support.
A breakout with a subsequent retracement of a 50% Fibonacci inside the triangle suggests more sideways action and ambiguity. It is most likely a false breakout if that level gets reached again. The s/l is placed accordingly
Good luck on this trade idea!
first of all, we are proud to share that our ideas here on Tradingview amounted to more than 250% return in just 4 Months. This is awesome and we hope that many of you profited from them!
We suggested during the past weeks that some leading diagonal pattern is slightly more likely than a triangle. Whatever it is, this pattern is tradable on both sides. We need to be a bit patient until a breakout.
The lower contraction support is in near sight. The equivalent line has been penetrated on the DXY already. We are closely watching the DXY for a potentially earlier hint. The entire structure appears overblown to be part of minute wave v(circle) already. We expect to see a resolution within the next trading week.
The short US Dollar trade is very crowded at the moment. The same applies to traders being convinced that we are dealing with a triangle here. Thus, many will be caught by surprise if the pattern breaks down to the downside. This speaks for a drop to the bottom of the light green trend channel. We have placed the target near and NOT at that channel support.
A breakout with a subsequent retracement of a 50% Fibonacci inside the triangle suggests more sideways action and ambiguity. It is most likely a false breakout if that level gets reached again. The s/l is placed accordingly
Good luck on this trade idea!
Trade active
Note
Guys,the Dollar Index (very EUR contaminated) broke its (c) wave equivalent already. We continue to expect followthrough here as described above.
Never forget your s/l!!! Protect yourself always.
Trade closed: target reached
Arresting 100 Pips right here! The setup is no longer a high odds setup.
Nevertheless, seeing surprises rather to the downside.
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.
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.