DXY USD - LONG - Flag + Supply&Demand
The USD now dominates the market with huge weighting and the analysis of the future movement is essential, for all other tradable currencies and asset classes.
I provide the idea, with the consideration of rules of the "SUPPLY&DEMAND" theory, which focuses on the market influence of banks.
CURRENT STATUS:
- the DXY is in a flag, which is normally a "Bullishes pattern".
- the existing macroeconomic circumstance suggests a trend continuation.
From a daily perspective, we have broken out of an upward channel, which has not been tested at this point.
- in order for the DXY to continue its rally, it would be healthy to test the channel for confirmation beforehand.
IDEA VIEW:
- we are in the 15 min chart, which means we are looking at the market from a magnifying glass point of view. - the bullish flag could break out as in the theory and would thus allow a LONG position.
- the idea refers to an early position entry to take the whole movement with less risk (fake out)
All RETAIL market participants assume a trend continuation, but also hope for a correction. A crossroads which provides a large amount of liquidity for the large speculators / banks.
STOP LEVEL:
- Should the SL level (stop loss) set by me be broken, we can expect a correction after confirmation. (Should it not be a fake-out).
- Drawn in the chart to follow up.
TAKE PROFIT:
- there are large "SUPPLY" zones on the time levels T / W / M, which should bring about a reaction against.
> 117-120
- moreover, we have relevant 1.618 FIBO targets
> 114,864
> 115,437
- POIs are at
> 117,019
> 117,936
Should you disagree, feel free to let me know - I am still in the learning process.
Thank you and happy trading!
I provide the idea, with the consideration of rules of the "SUPPLY&DEMAND" theory, which focuses on the market influence of banks.
CURRENT STATUS:
- the DXY is in a flag, which is normally a "Bullishes pattern".
- the existing macroeconomic circumstance suggests a trend continuation.
From a daily perspective, we have broken out of an upward channel, which has not been tested at this point.
- in order for the DXY to continue its rally, it would be healthy to test the channel for confirmation beforehand.
IDEA VIEW:
- we are in the 15 min chart, which means we are looking at the market from a magnifying glass point of view. - the bullish flag could break out as in the theory and would thus allow a LONG position.
- the idea refers to an early position entry to take the whole movement with less risk (fake out)
All RETAIL market participants assume a trend continuation, but also hope for a correction. A crossroads which provides a large amount of liquidity for the large speculators / banks.
STOP LEVEL:
- Should the SL level (stop loss) set by me be broken, we can expect a correction after confirmation. (Should it not be a fake-out).
- Drawn in the chart to follow up.
TAKE PROFIT:
- there are large "SUPPLY" zones on the time levels T / W / M, which should bring about a reaction against.
> 117-120
- moreover, we have relevant 1.618 FIBO targets
> 114,864
> 115,437
- POIs are at
> 117,019
> 117,936
Should you disagree, feel free to let me know - I am still in the learning process.
Thank you and happy trading!
Trade closed manually:
With this week and the upcoming FED policy regarding the USD, should be refrained from shorting the DXY for now.
- the trade failed - new idea will follow!
- the trade failed - new idea will follow!
- LONG entry at 0.786 (113.641 points) / 0.88 (113.506) FIBO level.
- SL at 113,299 points
de.tradingview.com/chart/z9Dtqm7h/