What a start to the week! USD strength is impressive, bothersome and impressive! I see a trade here, I have set a forward order at the weekly pivot, we have a nice clean Hammer that has formed on the 4 hour chart, USD index is overbought and I'd be looking for a little "reversion to mean" trade here, I think more USD strength in the longer term. I've laid out the trade, I won't be in this trade unless price hits my limit order @ 1.12031. RSI is almost at the Oversold location, and a peek-a-boo MACD divergence is showing itself. My drivers are the USD index, potential triple bottom support area and the hammer that has formed. 1% Risk, 2:1RR -Happy Trading!
Trade active:
Well, we are in this trade. Price came to where we wanted (the pivot) and now lets see how it rolls out.
Trade active:
You don't get much close than that, I'm not a "they are out to get me guy" but the big boys buy/sell at levels that suit them, you can see how this pair pushed hard to hit "that level" and is now retracing. Lets see if that was in fact a last push to solidly a small correction the other way?
Trade closed: stop reached:
Well, it was a good setup. next!
I moderate a small community 4 traders, analyzing weekly charts, and discussing trade setups. Focusing on psychology.