Hi Traders,
Today we are looking at the US Dollar Index. Price seems as though I may create a double top formation which we can take some advantage of if this setup should play out.
Understanding that Price has been trending higher for a while and the monthly candle has just closed a few trading days ago, There is a chance that price may retrace which we can catch and then potentially get the long as well.
There is a level at 104.700 which I would like to see taken out first before I am interested in sells. If price does break this support I will be taking a short to the next support of 103.800. This is a strong level that I am watching and I will have my position at break-even if we hit this price in anticipation that we will complete a double top formation.
My target is at 102.700 which seems like a nice gap that needs filling. Remember today is a bank holiday in the US so there is no need to be chasing any trades.
Renaldo Philander
Today we are looking at the US Dollar Index. Price seems as though I may create a double top formation which we can take some advantage of if this setup should play out.
Understanding that Price has been trending higher for a while and the monthly candle has just closed a few trading days ago, There is a chance that price may retrace which we can catch and then potentially get the long as well.
There is a level at 104.700 which I would like to see taken out first before I am interested in sells. If price does break this support I will be taking a short to the next support of 103.800. This is a strong level that I am watching and I will have my position at break-even if we hit this price in anticipation that we will complete a double top formation.
My target is at 102.700 which seems like a nice gap that needs filling. Remember today is a bank holiday in the US so there is no need to be chasing any trades.
Renaldo Philander