I just don't see a lot of reasons for the USD to be strong in the coming weeks. There is talk of even MORE stimulus, the Fed is buying corporate bonds, gold is trending up, and the US economy could really use a weak dollar right now.
I sold the head on this chart and closed it out for about 70 pips, and it looks like it has made another rolling formation for the right shoulder. This could be its chance to break lower especially since gold looks bullish.
Sell opened at 97.35, stop 97.61.
I sold the head on this chart and closed it out for about 70 pips, and it looks like it has made another rolling formation for the right shoulder. This could be its chance to break lower especially since gold looks bullish.
Sell opened at 97.35, stop 97.61.
Trade closed: stop reached:
I stopped out but this still doesn't look like it will break out. I will keep looking for another entry opportunity.