Hey Traders so today looking at the US Dollar Index or DX Market we can see that it has been in a solid downtrend since March. This is why alot of commodities and currencies have been getting stronger against it.
This is why I feel you don't need indicators to trade because price action shows you almost everything you need to be successful. A simple trendline and support and resistance is all you need to imo to see the story the market is trying to tell.
I'm not saying it's the holy grail of trading no one has a crystal ball we are all taking educated bets or guesses on where the market will go.
But most of the time it works! Key word there (most of the time)😁
Ok enough humor for today so getting down to it.
Now we see it is breaking below which is 97.45 from back in April. Also notice that 98.89 that got rejected twice once in June again last week. If market can get a daily close today below 97.45 this shows me that US Dollar Trend is still down. Now that it has re-entered under the downtrend line I would looks to sell rallies or buy markets against USD. Euro,Pound,Aussie,Gold, Commodities etc...
However if bullish USD I would wait for market to close above 98.89. That way you have true confirmation that the market wants to break higher because it will have formed a bottom formation!
Good Luck & Always use Risk Management!
(Just in we are wrong in our analysis most experts recommend never to risk more than 2% of your account equity on any given trade.)
Hope This Helps Your Trading 😃
Clifford
This is why I feel you don't need indicators to trade because price action shows you almost everything you need to be successful. A simple trendline and support and resistance is all you need to imo to see the story the market is trying to tell.
I'm not saying it's the holy grail of trading no one has a crystal ball we are all taking educated bets or guesses on where the market will go.
But most of the time it works! Key word there (most of the time)😁
Ok enough humor for today so getting down to it.
Now we see it is breaking below which is 97.45 from back in April. Also notice that 98.89 that got rejected twice once in June again last week. If market can get a daily close today below 97.45 this shows me that US Dollar Trend is still down. Now that it has re-entered under the downtrend line I would looks to sell rallies or buy markets against USD. Euro,Pound,Aussie,Gold, Commodities etc...
However if bullish USD I would wait for market to close above 98.89. That way you have true confirmation that the market wants to break higher because it will have formed a bottom formation!
Good Luck & Always use Risk Management!
(Just in we are wrong in our analysis most experts recommend never to risk more than 2% of your account equity on any given trade.)
Hope This Helps Your Trading 😃
Clifford
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Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.