trader_ak
Long

Double bottom at long term trend line support

INDEX:DXY   U.S. Dollar Index
DXY             in uptrend from mid July 14. On 13th April             15 market fails to make new highs ( failure test, resistance of the prior high, 100.39 holds) and begins to form a double top reversal pattern, which was confirmed when market traded below 96.17 on 28th April             . The market continued to sell of to trendline support ( see trend line on chart ) forming low of 94.39 on 30th April             . This is a signifcant trendline which has been in place from Aug'14. On the first of May, the market retests the trendline support with a higher low of 94.50, forming a ( two bar daily, local double bottom ). Looking left: the left of this 94.50 level shows many days, when the market traded around this level (from 21 Jan to 26 Feb - thus this was prior zone of equilibrium where distribution/accumulation has taken place before the final leg up to the high of 13March. Therefore, this is a buy set up at trendline support. The risk and reward are market on the chart, giving r/reward of 2.59 to the first target zone for a scale out.
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