lawlee9
Short

DXY Double Top with neckline break confirmation

TVC:DXY   US DOLLAR CURRENCY INDEX
74 1 2
5 months ago
DXY             has confirmed a double top, and a neckline break. However, it's hesitant to fall just yet. We can see starting from the right top, prices started a 5 wave pattern, and is now in the correction phase. We're looking for B here, which might be right at the same higher low we previously posted at 93.41. This would create a double bottom, and send price up to the measured move at C. That is also the 61.8% retracement from the top of the double top to the neckline. From there, we should see a move down into 86.64 to complete the double top.
5 months ago
Comment: If a pin bar is posted here at the arrow, then that should be the signal to go long with stops below the low. This is a "low, lower low, higher high, lower high" reversal setup.
5 months ago
Comment:
snapshot
5 months ago
Comment: This looks like a decent pin bar trigger.

snapshot
5 months ago
Comment: Price respected the level and started the rally up.
snapshot
4 months ago
Trade active: Price hit the C target

snapshot
3 months ago
Comment: Idea worked out pretty nicely. Retest of 95 to get in short again.
2 months ago
Comment: Top trendline adjusted. this is where we go down for the DXY
snapshot
JustinRod
5 months ago
The trend line from from the low, to the next low, to 93.80 is on par, i think it may go up from that point to follow your C
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia