Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.
DXY is overall bullish trading inside the rising broadening wedge in brown, and it is now approaching the lower brown trendline acting as a non-horizontal support zone .
Moreover, the zone 109.0 is a strong support zone.
So the highlighted purple circle is a strong area to look for buy setups as it is the intersection of the green support zone and lower brown trendline. (acting as non-horizontal support)
As per my trading style:
As DXY approaches the lower purple circle zone, I will be looking for bullish reversal setups (like a double bottom pattern, trendline break , and so on...)
In parallel, as DXY approaches the upper purple zone and blue resistance 113-114 I will be looking for bearish reversal setups.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
DXY is overall bullish trading inside the rising broadening wedge in brown, and it is now approaching the lower brown trendline acting as a non-horizontal support zone .
Moreover, the zone 109.0 is a strong support zone.
So the highlighted purple circle is a strong area to look for buy setups as it is the intersection of the green support zone and lower brown trendline. (acting as non-horizontal support)
As per my trading style:
As DXY approaches the lower purple circle zone, I will be looking for bullish reversal setups (like a double bottom pattern, trendline break , and so on...)
In parallel, as DXY approaches the upper purple zone and blue resistance 113-114 I will be looking for bearish reversal setups.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich