USDOLLAR - 4HR -Rising Wedge / Head and Shoulders - Which is it?Rising Wedge Forming on US Dollar, I want to see if it plays out.
I am bullish overall on the dollar, but it will be interesting to see if this Rising Wedge plays out.
USDOLLAR trade ideas
US Dollar December RallyThe US Dollar is currently correcting from the rally caused by market discounting of the December Rate Hike, and is likely to test the 12,000 support level (FXCM Dow Jones US Dollar Index) before forming the next impulse wave upwards. Causing the current correction is a mixture of risk sentiment as Pres. Trump tours and meets with leaders of Asian Nations, the appointment of a new Fed Board and as the market awaits certainty on the proposed Tax reforms. Fundamentally; Job growth was solid in October and PMI’s remained elevated at three year highs, however, wage growth and inflation continues to remain subdued which adds uncertainty to the future path of interest rates. We are expecting the US Dollar to top out in early 2018 around the 12,300 resistance level.
DOLLAR @ RESISTANCE We have got INV H&S retest last week so in theory dollar should now break the RES let's see:)
Index Trading: USDollar Is Still a Buy on the Daily ChartThe US Dollar is still a buy against the EUR, GBP, AUD, and JPY, based on daily trend analysis of the FXCM US Dollar index. Ichimoku paints a very bullish picture, with daily price candles on the USDOLLAR index closing above the trigger line and above the baseline. Additionally, the lagging line is flying in the open air, above the cloud and price. Retail traders are still holding net short US Dollar positions on average across the majors, and they are still buying gold and selling the S&P 500. Technical analysis combined with sentiment analysis supports maintaining a long US Dollar bias on the Daily time frame.
USDOLLAR rising wave structure...USDOLLAR rising wave structure. The exchange rate is currently corrected between the D1 waveforms. The result of the movement rises along a flatter ATR axis angle (purple line). I'm still waiting for a full wave rise. Since the first ATR angle is flat, it can be broken up into 3 side waves. I expect a definite wave of motion, because the second ATR axis is steeper, the force is visible in motion. The first correction line is near the level of 12193. Current upward movement is 12403 levels.
Third chart in the US DollarThis is the third part of the US Dollar looking at price action. My friend told me that there are so many moving parts in price action it makes near impossible for retailers to win - I believe this. So what are the moving parts. In the first two charts I looked at swings and zones and why price moves with them and placed rules on the swings. These series of 4 charts is looking at where momentum turns and the moving parts in it. I believe by placing rules on momentum that goes hand in hand with swings one can make a fair judgement where price will go. (1) follow the higher highs in this case till price is no longer making higher highs but lower highs (2) wait for price to break a stop - the stops represent the last low where we saw buyers or the last high where we saw sellers (3) look for the minor trend to be broken (4) do we have engulfers building above price, holding sell orders or vice versa engulfers building below price holding buy orders. Again snap shots of price action and the concepts within each one is so hard to cover in a chart or two.
US DollarThis is a continuation of the larger TF US Dollar I published. Even though the concepts remain the same in price mechanisms, price action is multifaceted and hard to explain in a chart frame or two. Along with the component of price mechanisms is the component of how we view price and how we respond to it. How we respond to price action should always be rule based. This brings me back to using a consistent approach of viewing price in swings and placing the swings moves in logical order so we trade on D - as in the larger TF US Dollar. If the trade fails, it is not necessarily the fault of the set up but understanding that all rule based systems will encounter failures with their wins. We can only hope the wins outstrip the losses. Im going to try and post one more chart on the US Dollar that goes hand in hand with swings and supply and demand - it will be momentum and when does the momentum turn.
US DollarPrice appears to be forming an Elliott pattern of a running flat - how this pattern plays out is to be seen.
Medium term outlook USDOLLAR - DOLLAR INDEXINVERTED head and shoulders pattern structure is forming on the daily chart . long opportunity.. buy the breakout as shown in the chart
This is just an Idea. please do your analysis before taking any trade and don't depend on other analysis. Happy trading
USD Reversal on the monthyUSD is signaling that it is about to shift back up. 7 days for confirmation on this.
Haven't traded FX in months, but I'll be keeping an eye on the monthly close next week.
Forming H&S +Cypher of Usdollar Index, Idea in Several PhrasesIn Daily Chart, I find an interesting combo of Usdollar index, which is favor of my previous idea on rebounding DXY.
There is also a bearish cypher targeting to 12130, a mid-term goal which may cost at least 2-3 weeks to reach.
Besides harmonic pattern, classical pattern head and shoulder also gives a bullish bias, though it is in progress.
Thus we may adapt our trading plan in following phrases:
Phrase 1: Watch prcie action near 12000.If fail to stand above, hold bearish idea till around 11870 level.
Phrase 2: If Price get support near 11870, creating a higher low point, proper time to hold bullish idea, with TP1 at 12000 level, TP2 at 12130, also the D point of Cypher pattern.
Phrase 3: If there is good FA factors relate with tax reform etc, watching TP3 near 12236, otherwise, check short opportunities near 12130
It can be regarded as a specifc trading plan even u check the chart of DXY, which I mentioned in my previous post below
Wait for the head and shoulder! USD may rise in the longtermYou can see two head&shoulder in the chart. For the frist pattern, it's the beginning bearlish trend of USDDOLLAR.Now, the price is out of the decline channnel,it means that the decline trend has already change ! And the MACD is above the 0 zone.If the head&shoulder bottom is formed ( it has not been formed yet!), the trend of USD will competely change! 12043 will be the key point!
Potential head and shoulder in USDOLLAR-bullish way for USDOLLARYou can see two head&shoulder in the chart. For the frist pattern, it's the beginning bearlish trend of USDDOLLAR.
Now, the price is out of the decline channnel,it means that the decline trend has already change ! And the MACD is above the 0 zone.
If the head&shoulder bottom is formed ( it has not been formed yet!), the trend of USD will competely change! 12043 will be the key point!
US Dollar downtrend over?Here is the US Dollar index with a nice inverse Head & Shoulders, and at the moment it is currently breaking the descending trendline, which is the first sign of a possible end of the downtrend. The second sign of a possible end of the downtrend is the bullish divergence on the RSI. The final sign will be a break of the neckline of H&S, and we could see the US Dollar rallying from there.
USDOllAR: Rebouncing, H & S plus Bearish CypherOn daily chart of usdollar, price get supported yesterday near 55 ma and forming a reversal pattern.
See if price can reach the label targets, neckline of inverted H & S, and the ideal entry D point for short.
DXY Daily Chart Reverse Head and ShouldersWatching the dollar to form the right shoulder of the reverse head and shoulders. Assuming that the low for the intermediate term has been formed, then this suggests that we are in a prime buying opportunity to test the long side for the dollar.
USD: Bearish resumption or bullish breakout?Following up on my recent ideas of eurusd long and gold long and usdchf short ...Looking at the us dollar index chart, it also confirms that we are at potential reversal zone and a key trading area. We are testing the top of the channel and the horizontal resistance and key high at 12012.
As i mentioned earlier, we need a fundamental/economic catalyst to push the us dollar higher, as of now, we do not have it. So i am in favor of the bearish resumption scenario.
However, as a trader i should trade what i see and adapt with what the charts give me, so i would stop and reverse my bias from bearish to bullish on a break above this resistance area.
Best
Technician
DXY Long Opportunity!Hello traders! We had the first strong impuls up on dxy. We are expecting it to continue moving to upside. Wait for a correction in lower time frame before entering long.
TRADE WITH NO EMOTIONS!
