Double bottom at long term trend line support

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.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out