Jamie Gun2Head - Buying DXYTrade Idea: Buying DXY
Reasoning: Breaking through resistance, looking for the move higher to be extended today
Entry Level: 107.32
Take Profit Level: 107.93
Stop Loss: 107.02
Risk/Reward: 2.03:1
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Dxylong
Flight to safetyWith Burry saying we still have 50% more downfall to go - that leads me to think the DXY has quite a bit more room to run (along with plenty of other macroeconomic contributing factors of course) I just decided to single out Burry lol.
I can easily see a ~120 DXY which would be carnage for stocks and crypto - earlier today I saw that the the euro/dollar had collapsed to it's 20 year low which is just more fuel for DXY to run higher.
The VIX is also telling us something big is brewing. Should be a big week.
2706 Dollars going to finish last downtrend and rally up ?Hello traders,
Dollars did not just simply rally up to make a new high. It turn down with lots of overlapping price action to test the support again .
Still the same support in our last idea.
108 IS STILL THE TARGET FOR DOLLARS.
This time, it looks much better for dollar buyers since sellers seems not possible to pull price down more.
Check in later sessions to see if a strong bullish confirming signal to confirm our idea that price of Dollars will rise up again from the support zone.
And check with other pairs (esp EURUSD )to see if they finish sideways price action and turn down again.
GOOD LUCK ON SUCH IDEAS TO TRADE.
LESS IS MORE!
DXY to continue bullishAnalysis
DXY has been in correction since 15, Jun when another higher high was created on daily. It remains highly bullish on weekly being overbought, and with RSI above 51 on daily chart. However it showed some selling pressures on lower time frames in the past few days, with price currently just floating slightly above 104.073.
From technical perspective, the 4H chart looks like a handle of a bullish cup is forming. 0.5 fib retracement was completed on 16th, June so I expect the price to continue bullish in the coming days.
Intraday News
There’s no red folder news for Monday, however being busy for the rest of the week. Expecting a continued. Expecting a continued correction on Monday.
Liquidation
Price may drop further to the previous fib 0.5 area around 103.546 before continue its bullish move. It's month end in the beginning of the week, so if buyers taking profit, price can drop fairly quickly.
Support Consideration
immediate support at 104.121
key support zone at 103.376 - 103.705
Resistance Consideration
Resistance formed by the upper trend line of the descending triangle. Once break above, it will try the previous high at 105.788 and possible to create higher high. If break down, it will revisit the key support.
DXY short term bear, longer term bull. We are in a massive descending channel since some time in the 1980s or so. The idea shows how our dollar may return to the orange trendline and continue on its way up until summer 2024 or so. Are bears here to stay until 2024? In my opinion: The sooner we reach the top of the channel, the better. Most of us hold stocks and crypto lol... Mostly posting this so I can see how it plays out in 2 years. I will post other timeframes in comment section below.
Extremely bullish for USD with interest hikesExtremely bullish for interest rate hikes and think it will Mike Tyson (KO) most assets against USD. Looking at $106+ possibly as high as $120 and cryptos, gold, silver, OIL are going to tumble hard. Be very careful with these hikes. I wouldn't even play and only keep cash for a while.
dxyThinking we finally have a 5th wave top in here, I was expecting $106.60 to be the final blow off top and that is still on the table. But as for now the ABC correction seems to have started. If this move proves to be yet another extension I would expect $106.60 plus to get tested b4 the predicted correction ensues.
Quick DXY analysis on 15mins chartAnalysis
DXY has turned bearish after getting rejected at 104.5 level on lower time frames, although remain above 54 RSI on daily.
Price currently hanging around fib 0.382 since 09, June, which is also a small RBS zone. If not bounced, it can extend the move to lower historical support area 103.536.
If current support is respected, price can go back up to retest 104.234, then either go further for 104.405 or drop back for 103.821.
Overall trend is still very bullish, price is far away from 4H trend line.
Intraday News
There's red folder news for CAD and amber folder for US both of which are forecasted as weak.
Liquidation
price dropped without hesitation through 104.23 are which was supposed to be recent support on 15mins.
There's a small gap on 17, June 103.821 area. If bear intensifies, price and drop to that level to grab some liquidity before moving up.
Support Consideration
mini fib support zone: 103.919 - 104.007
key support: 103.536 (103.423 - 103.619)
Resistance Consideration
immediate retest: 104.234
further test: 104.405, 104.5
Entry
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TP
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Trade Invalidation
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Similar Pairs
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ICT ATM METHOD DXY!!!!!!!ICT ATM METHOD!!! short term high ran and rejection giving you the confirmation of the short, well look for this to reject inside the ob 104.900 and take out the local lows liquidity 103.400.
Price reaches the low ob+fvg 102.650 prior to running the sell side liquidity well monitor this for a potential area where we see a rejection (pray this doesn't happen) and if so well look to take profit and cut our positions.
HOLY GRAIL if price seeks the sell side liquidity 101.300 then we can really set our selves up for some relief.
WE STAY CALM AND COLLECTED, LET THE MARKET COME TO YOU AND EXECUTE LIKE A BOSS!!
THEY DONE TURNED THE MONEY MACHINE ON TODAY! DXY IS ON FIRE!!!The DXY hasn't been this high since the 2000's!
If it keep pushing (which the fundamentals are strong) it could time travel back into the 80's when the DXY was KING OF THE WORLD! lol
If you are trading any pairs with the Dollar trade accordingly.
Never over leverage.
Trust your trade set up.
Have fun!
Trading Made Simple
DXY create bearish butterfly pattern. Short sell, long buy
12 JUNE 2022
DOLLAR INDEX MY VIEW-
N.B-In this situation DXY chart create bearish butterfly pattern.
So, market need to seems sell correction on 103.740 AND
103.330 support Zone. Then market fully buy on 104.444 and 105.500 resistance level.