After breaking through the support zone, a retest occurred, accompanied by a 61% Fibonacci retracement.
Thursday's GDP data will be the deciding factor for market movement, We can anticipate two potential outcomes: 1. If the GDP exceeds expectations, investors may feel more secure, and as a result, dollar prices may not increase significantly.
2. A worse-than-expected GDP could trigger fears of a potential recession, leading to a surge in demand for safe-haven assets like gold. This increase in demand could drive up the price of gold and weaken the dollar significantly.
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today s economic data (Building Permits, New Home Sales) were better than expected which caused the dollar rally that much and canceling the 101.6 zone, data effect has finished as we see the volumes are cooling down so we can predict a possible rejection of the 101.8 zone and continue to fall.
Trade closed: stop reached
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The strong 101.6 zone was broken as a result of high-volume dollar buying by investors, driven by better-than-anticipated US housing market data that is expected to positively impact tomorrow's GDP.
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" Tomorrow there is a risk of a fresh sell-off of the dollar after release of data on orders for durable goods in the US. After a 1% decline, a 0.7% rebound is expected, the market may not be prepared for a weak print and may shift Fed expectations towards a more dovish one in cases of a downbeat print." by tickmill expert blog
We'll hold off until tomorrow to see if the durable goods data turns out to be worse than anticipated. If it does, we'll wait for a favorable opportunity to initiate another sell-off.
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on the technical side, If the price breaks the minor trend, there is a potential for rejection from the major trend .
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my swing trade is still going, rejecting the minor trend, releasing some profit before the Durable Goods Data to compound the add in loss.
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My assumption that the price would drop was proven wrong when it didn't reject the supply zone and instead continued to rise, possibly due to the positive news from the housing market. so no one say that i got stopped out from my intra day position with one pips before the price crashed down 😂 PS: still in profit
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my risk management on DXY: swing trade 1% exposure add in 0.5%
lost the add in -0.5% secured 1.38% leaving me with a total profit of 0.88%
profit floating 1%
moved my main sl to profit
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retesting 50% fib + 1h engulfing
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as i said in my gold analysis, "Despite GDP data coming in below expectations, i have observed the price being pushed common tactics of manipulation before us open, i anticipate the conclusion of the price manipulation and a return to the dollar's true movement, potentially leading to more favorable outcomes."
and as we can see what happend after the us open, in the 1h : doji rejecting the 78% fib level the 30min: bearish engulfing
@keechi, dak l high li 7at fo9 mnha stop ra hiya l Inducement li 3tana dak low w fo9 mnha kayna Liquidity to target dakchi lach drt m3ak had challenge banlia l market baghi ydir manipulation hhhhhhh
keechi
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@Ra7mani, data dyal housing markets li kant to positive li li ghada t2attar positivement 3la gdp dyal ghedda to the upside hadchi 3lach tcassa dik zone amma normal volume makanch ghadi i9der ikassi dak niveau walakin hania thats trading sometimes losses sometimes wins but the difference is the probabilities hhh
Ra7mani-MMXM
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@keechi, hadchi kaml li 9olti s7i7 walakin kaynin wa7d l 3ibat 3la data talmnb3d wn9olhomlk plus maymklkch trb7 dima 3adi mouhim houwa a good risk to reward and a proper risk management & money management follow ur system w hatchouf a good results nchaellah