Bias: Long
Type: Reversal Trade
Trend: Range
Area of Value: Key Levels from downtrend before change of character.
Momentum: 1D MACD Histogram about to cross the High Tide.
Entry: 97.691
Exit: Stop Loss @ 96.890; Take Profit @ 100.894.
Analysis
Fact 1: DXY since 2022 has stayed above the 100.890 support level trending as a range.
Fact 2: DXY has now crossed the key support level @ 100.890 which now acts as a resistance
Fact 3: DXY crossed the trend line signaling a change of character + DXY MACD Histogram is about to cross to High Tide also signaling a change of character.
Conclusion:
Since the key support level @ 100.890 has now been broken, and there is a change of character about to happen. I believe that DXY will at the very least reach the resistance level @ 100.890 before bouncing off to continue the down trend or break to re-enter the range.
Recommendation:
Long Entry on the Area of Value (97.691), for stop loss add 1D ATR for distance (96.890), for take profit let it be the key resistance level (100.894). R:R of 4
Type: Reversal Trade
Trend: Range
Area of Value: Key Levels from downtrend before change of character.
Momentum: 1D MACD Histogram about to cross the High Tide.
Entry: 97.691
Exit: Stop Loss @ 96.890; Take Profit @ 100.894.
Analysis
Fact 1: DXY since 2022 has stayed above the 100.890 support level trending as a range.
Fact 2: DXY has now crossed the key support level @ 100.890 which now acts as a resistance
Fact 3: DXY crossed the trend line signaling a change of character + DXY MACD Histogram is about to cross to High Tide also signaling a change of character.
Conclusion:
Since the key support level @ 100.890 has now been broken, and there is a change of character about to happen. I believe that DXY will at the very least reach the resistance level @ 100.890 before bouncing off to continue the down trend or break to re-enter the range.
Recommendation:
Long Entry on the Area of Value (97.691), for stop loss add 1D ATR for distance (96.890), for take profit let it be the key resistance level (100.894). R:R of 4
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Penafian
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Penafian
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.