Pattern wise: I am looking at this inverse Head and shoulder
- Bear in mind the channel down - we really need to break out of that to have dollar strength - If we go above 94.30 and closing above channel down area - Bulls are back in control and my targets for dollar would be between 95-96 area .
Lets dig in deeper - If we get dollar strength - EUR 1.15/1.13 area, other majors would pull back as well, Equities will decrease and precious metals will decline further...That would be delightful for building a longer term position again to get in long. However, vice versa if we get the opposite - key levels noted on chart!
KEY TIPS:
- Keep in mind END OF MONTH FLOWS
- Stick to your trade plan
- would be bullish flag forming within
- Try and trade without a bias
- Leave your emotions out of it
- Add a stop where you think appropriate
Remember: Just a trade idea, not a recommendation.
All the best,
Trade Journal
- Bear in mind the channel down - we really need to break out of that to have dollar strength - If we go above 94.30 and closing above channel down area - Bulls are back in control and my targets for dollar would be between 95-96 area .
Lets dig in deeper - If we get dollar strength - EUR 1.15/1.13 area, other majors would pull back as well, Equities will decrease and precious metals will decline further...That would be delightful for building a longer term position again to get in long. However, vice versa if we get the opposite - key levels noted on chart!
KEY TIPS:
- Keep in mind END OF MONTH FLOWS
- Stick to your trade plan
- would be bullish flag forming within
- Try and trade without a bias
- Leave your emotions out of it
- Add a stop where you think appropriate
Remember: Just a trade idea, not a recommendation.
All the best,
Trade Journal
Comment:
Range bound - Until broken either direction.
Comment:
Depending on fundamentals: Stimulus heavily.