DXY Trading Plan - 30/mar/2023Hello Traders,
Hope you all are doing good!!
I expect DXY to go Up after finishing this correction.
Look for your BUY setups.
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Disclaimer: This is just an idea. Please do your own analysis before opening a position. Always use SL & proper risk management.
Market can evolve anytime, hence, always do your analysis and learn trade management before following any idea.
Dxybuy
DXY brief gain and long position 📖🚀Hello 🐋
Based on the chart, the price is close to the support area and channel support and even made new ascending channel that we mentioned in our next analysis too ✔️
if
the price doesn't break the support zone to the downside, we can see more gain 💣🚀
otherwise
we can see more correction ❌🧨
👌 Notice: pay attention to the price on shortcut chart (located above the main chart with black colour) 📖💡
Please, feel free to share your point of view, write it in the comments below, thanks 🐋
The dollar will continue to rise, can be bought on dipsYesterday, the US Department of Commerce released data showing a sharp drop in the month-on-month rate of durable goods orders in January, indicating weakness in the US economy and raising concerns in the market about the US dollar. As a result, the US dollar index fell yesterday and returned to its original trajectory from last Thursday.
As the price returns to its original trajectory, there is a high probability that the previous slow but steady upward trend will continue, as this is the inherent demand of the index.
In terms of trading strategy, as long as there are no significant news affecting the market today, there is a high probability that the US dollar index will continue to rise, so opportunities can be found for buying on dips. Today's overall trend is relatively simple, just follow the trend.
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TVC:DXY CURRENCYCOM:US30 CURRENCYCOM:US100 OANDA:US30USD
Plan A or Plan B on this index?Hello, my dear friends and fellow traders.
What we are going to look at today is the US dollar index. When looking at the daily chart this is a good setup for the price of this index to go up. if we see if this index can be taken long position, according to the daily time scale in this index, it is at the lower side. Very dangerous one to take a long position. But it has the potential to go up.
So, keep the trailing stop small in this. If you take it for a long time, there is a 1:2 RR chance of giving it. Also, it has a 1:8 chance of giving a good move to go up.
However, due to the current opposition, there are chances to stop this rally. So, the first profit target in this should be 1:2. Then if you want you can keep 1:8 but it depends on the system.
Till then wishing you a good luck on this strategy. See you in my next post.
It is wise to follow your risk management before taking entry.
I love to share my ideas. Feel free to revise the text and provide feedback. It makes it so personal and improve us in better ways.
CAPITALCOM:DXY
Thanks & regards,
Alpha Trading Station
Disclaimer: This view is for educational purpose only & any stock mentioned here should not be taken as a trading/investing advice. We may or may not have position in the stocks mentioned here. Please consult your financial advisor before investing. Because Price is the "King of Market".
The dollar may enter a correctionAfter the severe selling wave that the dollar was exposed to in the middle of last week due to inflation data that came less than its predecessors, we may witness a correction of the dollar and its related currencies that may bring it back to levels of 108.
The dollar may reach the levels of 105, which is a very strong support, and it is likely that the price may bounce from this support, since the selling wave was severe and from high levels, so most likely the dollar may bounce from this support to levels of 108.
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DXY Chart Analysis....
In this situation DXY chart long term create bullish bat pattern and short term
create Elliotte wave pattern. So, market need to seem buy correction @ 111.300 and 111.460
resistance level. If breakout @ 110.222 support zone, then market sell up to 109.700 support.
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data, quotes, charts and buy/sell signals.
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Traders, if you like this idea or have your own opinion about it,
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DXYVery simple... Very clear
Everything is clear on the chart.
Probably, in the first step, it will have an upward movement to the top of the blue channel, and then, in the form of a corrective movement, it will decrease and fall to the bottom of the blue channel, and after that, it will have an upward movement to the target of 112-114.
This is my personal opinion. Please do not trade based on my analysis and data.
DXY-BUY strategyI am happy the stop-loss yesterday was executed with a minor loss. I was not convinced either way, and instead the DXY went through the daily-chart cloud support and moved lower. Looking at the 4-hourly chart (for very short-term view), the move lower went a little to steep. This creates a short-term BUY opportunity, but of course we keep things close to the belt.
Strategy is BUY current 95.30-95.40 range and place stop let's say 35 pips away, i.e. 94.95 and take profit 95.85-95.90. The over all trend is down, but we are oversold and for that reason think it is worthwhile try here.
DXY- careful BUY strategyInitially I had a SELL position, but liquidated early 95.68. We have extended the move further even below 95.00.
This has caused the weakness of USD across the board, including USDTRY of course.
For now, I feel stochastic is overdone (RSI a little lesser overdone). The DMI is negative for quite some time, and same for the MACD.
I prefer to carefully BUY 94.75-95.00 for a move back to 95.78. Stop-loss 94.50 for now.