Hi mates and trading community sharing mine Dollar index trading idea in this chart there are only two old trendlines on this chart one is rising resistance and one is old rising support trendline not changing for this publication, So let's start quickly about my trading idea as we can see after making double on this provided daily chart all the way it came down somewhere near from where price started trend reversal on daily time frame before reaching there price took support 102.626 levels which i marked on this chart as support turned resistance and you can clearly observe that it took almost one month time to break that resistance.
So now from here if price will sustain above support turned trendline resistance we can see above marked resistance targets in coming session and one more target that it will reach to mentioned suppy area too friends.
Breakout Retest- As i love to add this breakout retest too if price will bounce from there, Retest players also can wait for that entry too as everyone has his own trading style.
Adding extension snapshot too for why it made a double top in a specific area at 0.786
This idea is meant for only educational purpose this not any kind of trading or investment advice.
Best Regards- Amit
So now from here if price will sustain above support turned trendline resistance we can see above marked resistance targets in coming session and one more target that it will reach to mentioned suppy area too friends.
Breakout Retest- As i love to add this breakout retest too if price will bounce from there, Retest players also can wait for that entry too as everyone has his own trading style.
Adding extension snapshot too for why it made a double top in a specific area at 0.786
This idea is meant for only educational purpose this not any kind of trading or investment advice.
Best Regards- Amit
Comment:
Hi friends sharing an update that price want to capture 100 EMA again on daily chart which it broke recently on last of November 2023 and good came down after so today went up by some ticks so i assume if it will close above 100 EMA today we can see a fresh momentum buildup towards mentioned targets in idea
Comment:
Hi friends sharing an update which is connected from update above somehow so today price breached and trying to close above 100 moving average very willingly and most probably will close above which i discussed earlier in above update after more that two months of breaking that moving average and this moving average nearby to one mentioned closing based resistance sharing in this update eventually, So now from here i assume that this crossover will give more strength to long side trades and we can see target one on board very soon. Thanks for reading and supporting my publication mates.
Comment:
Hi traders, so finally price closed above on very hazardous resistance on closing basis which i shared above in update above that day is was rejected again to close above at the very last moment of closing of that session so after i did not updated this publication but now updating after a successful closure above that resistance and i assume it is fresh consolidation breakout after 12 working sessions hopefully it will provide strength for long side trades and we can see marked targets in coming sessions by this breakout mentioned in this update
Comment:
Target Update-:
Today reached to target one of 104.258 and made a day high so far is 104.604, So one thing i learnt again by this that how much closing are important in any of tradable asset and if you check update which i posted above in that also there is lot of emphasis on closing. So now from here as we can see that target one is a resistance and if price will close above so there will two options are opened after one is straight target two and one is retest of target one as a resistance because i assume that this time that target one will act as a support for price. Thanks for reading and support mates
Today reached to target one of 104.258 and made a day high so far is 104.604, So one thing i learnt again by this that how much closing are important in any of tradable asset and if you check update which i posted above in that also there is lot of emphasis on closing. So now from here as we can see that target one is a resistance and if price will close above so there will two options are opened after one is straight target two and one is retest of target one as a resistance because i assume that this time that target one will act as a support for price. Thanks for reading and support mates
Comment:
Hi friends sharing an update that now price is breaking recent swing high after published breakout and that swing also related with a resistance when it tried to retraced after making double top earlier discussed in description se now from here if it will close above this resistance we can see marked resistance target very soon, Reached 104.880 from 103.395 so i am moving trailing stop loss to my entry want to secure my long position and will continue ride towards target two. Hope you like my analysis thanks for reading and supporting my idea mates
Comment:
Yesterday price breached and closed above a swing top made after this publication i assume this will be consider as a fresh breakout and will give more strength to price for completing the final marked target two in idea. Thank you for reading and supporting my idea friends.
Trade closed: target reached:
Final update for this publication- So mates Dollar index reached 105.527 very close for the final marked target two 105.559 which marked from the double bottom neckline from 103.395 and gets rejection nearby from target two resistance so now closing this idea completely and taking my gains as price rejected very close from resistance will publish a new one on it and by this has strengthened my belief in support and resistance mechanism because the work really well if you put them on right place. Closing this idea under target Tag because target one is completed fully and target two just missed, Thank you for reading and supporting my publication will meet you soon with a new one.
