Short
it broke my wedge, will it fall? :D
I was nearly stopped out on this one, since it wasn't published I'm sharing it out just in case anyone is on the same situation.
I caught the right and booked profits, then expecting expecting a rising wedge to be respected and then fall hard, but it didn't - it went up breaking my trend line and nearly hit my stop loss (the red line, yes I dragged my stop loss a bit higher...)
Currently it seems have started falling a bit, but risky it is since it's rising so sharp, unless US dollar react agressively, today USD pairs are going to fly. DXY has broken it's base support trend linen on my chart and dropped deep this morning, currently it's recovering, possible to retest the broken trend line.
Currently the price is going down very nicely the time as I am typing. so GL.
Anyone who want to join - be careful of the fact the the bullish momentum is ridiculously high...
National thoughts: RSI over bought in many time frames, price has gone back into the rising wedge and keep falling. DXY seems recovering.
SL: above 1.834 -- ideally 1.855 if you can cope with that
TP: fib based, if wedge pattern is respected, it can fall hard.
Once again note: it's RISKY, it may reverse back to bullish move at any time. GL.
I caught the right and booked profits, then expecting expecting a rising wedge to be respected and then fall hard, but it didn't - it went up breaking my trend line and nearly hit my stop loss (the red line, yes I dragged my stop loss a bit higher...)
Currently it seems have started falling a bit, but risky it is since it's rising so sharp, unless US dollar react agressively, today USD pairs are going to fly. DXY has broken it's base support trend linen on my chart and dropped deep this morning, currently it's recovering, possible to retest the broken trend line.
Currently the price is going down very nicely the time as I am typing. so GL.
Anyone who want to join - be careful of the fact the the bullish momentum is ridiculously high...
National thoughts: RSI over bought in many time frames, price has gone back into the rising wedge and keep falling. DXY seems recovering.
SL: above 1.834 -- ideally 1.855 if you can cope with that
TP: fib based, if wedge pattern is respected, it can fall hard.
Once again note: it's RISKY, it may reverse back to bullish move at any time. GL.
Note
done TP 1.18182. it should start being bullish for the rest of the day but I'm done for today.Big lesson today, I went a bit over confident this morning putting large lot size for my first trade, then finding the price continued hiking up. I did change my stop loss to 1.855 and added 3 more entries along the way when the price was going up. And I did panic when the second lot size added and lost confidence. Confidence came back after me analysing DXY once again and added the third lot from the tip of the top.
Lesson: always remind yourself to do the analysis, do the analysis; and if price goes the other way, do analysis again before adding more trades in, or otherwise just cut the loss and take a rest. Dip buying/sell do not always work.
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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.