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DOLLAR STILL ABOVE BOTH SUPPORT LINES|NO CORPSE FOR THE GRAVE? Well, as it is clear from the name of the post, DXY of the Dollar index is still above both of the meaningful long term support lines. So those of the bears, who have already dug a fresh grave and prepared their shovels, might wanna hold their horses, or shovels, as the patient is still more alive than dead. Though it is true that the dollar fell though all the latest support lines like a crowbar through you-know-what, the big support lines are still ahead. For the trend to change though, the latest downward diagonal resistance must be broken first, so the bulls need to put that champagne bottle aside too. Anyhow, a correction is overdue, as the market is tired of the free-fall. Let's see where we end up in the Autumn. Thank you for reading, like and subscribe and have a nice day!
TVC:DXYLong
by ProSignalsFx
2
USDCAD LONG 2020-05-27I'm still bullish this pair, we have taken out key stops on the daily chart. Honestly I'm surprised how reluctant the USD strength is, but again I'll say the case right now is more bullish USD an ever, I've read a story 90 countries are in need of an IMF bailout, short term i think this is all very bullish USD. Also we've had a little pop in the S&P which i'm interpreting as a false breakout before we head much, much lower. Lately the correlation between the S&P and USD seems to be a perfect -1.0. If you look back I've written about waiting for this exact price action to unfold on the daily chart, staying patient is key!! DISCLAIMER There is a very high degree of risk involved in trading. Past results are not indicative of future returns. I assume no responsibilities for your results, these are merely ideas. Stay safe out there!
Long
by bdverhaeghe
USDOLLAR - Look Again For More Clues on AriasWaveOK so yesterday I didn't pick the exact bottom of Support Level 3 but that's OK because I am still working with Support Level 2. You should never assume Support Level 3 is done until you have confirmation. For example the Waves marked with magenta lines are the same waves in the pattern, of course support level 3 needs to be confirmed by a break of this wave and it needs to look right. It's easy to get the waves wrong because of the repetitive nature of the fractal waves especially on smaller degree waves. Once the magenta line is broken then Support Level 3 is confirmed and the stop can be moved up when you are satisfied and then you wait for support level 4 to be formed etc etc etc. But you don't have to move the entire trade stop to this level maybe you execute another trade and leave the current one in place and slowly build more positions. There are many ways to skin a cat! This is not an exact science it's an art using a proven framework. So you can be wrong once or twice in the smaller degree waves as long as your right on the larger degree waves and this takes practice but it's fun! Remember you love trading right? Please LIKE and FOLLOW to get notification of updates and future posts.
TVC:DXY
by AriasWave