Welcome to this new trading idea!
We are looking at the 15min chart of the Dollar Currency Index. Price did nearly touch last highs. Looking at the daily timeframe we can see that price consolidates a lot in this area. Also there is a wick candle forming for today.
Getting back to our 15min chart, price retraced and made a peak high with divergence on our RSI. After that we are looking for shorts only by keeping in mind that there are new highs above the daily consolidation zone.
There is no trade for us in this currency now. But looking on the Dollar in terms of correlation always helps to determine different moves of other pairs.
Example: EUR/USD is also on its very bottom, where i would love to see a retrace also.
Keep in mind that tomorrow the monthly candle will close.
Wishing everyone a great upcoming weekend!
We are looking at the 15min chart of the Dollar Currency Index. Price did nearly touch last highs. Looking at the daily timeframe we can see that price consolidates a lot in this area. Also there is a wick candle forming for today.
Getting back to our 15min chart, price retraced and made a peak high with divergence on our RSI. After that we are looking for shorts only by keeping in mind that there are new highs above the daily consolidation zone.
There is no trade for us in this currency now. But looking on the Dollar in terms of correlation always helps to determine different moves of other pairs.
Example: EUR/USD is also on its very bottom, where i would love to see a retrace also.
Keep in mind that tomorrow the monthly candle will close.
Wishing everyone a great upcoming weekend!
Comment:
Wow! Should have traded it!
Trade closed: target reached:
Okay possible TP was reached within a day! Great setup. A possible correction can happen next week!
