IvanLabrie
Short

DXY: Interesting weekly short

TVC:DXY   US Dollar Currency Index
This is a follow up trade to my prediction of the top for the Dollar.
Check related ideas for my previous forecast.
We have a very good trade setup here and the target and expected ETA is on chart.

The lackluster reaction to the Fed's rate hike and the current sentiment readings make me think that this trade setup is of high probability, making it an ideal trade to take asap             . When fundamentals and technicals align, we get the best results.

Good luck!

Ivan Labrie.
Trade active
Comment: Entry #1 filled.
Comment: Entry #2 was barely missed...so sad.
Comment: Waiting for US stocks to open.
Comment: Bewm...
Comment: Smooth sailing, waiting for GDP in 43 minutes.
Comment: So far so good, but at the end of the week we'd need to hit my target to stay in safely.
Might gap down on next week's open.
Comment: Expecting gap down.
Comment: Might be wise to trail stop loss down to 97.96
Trade closed manually: Safer to back down in minimal profit.

snapshot
Comment: If in DXY shorts, flip long with 1-3 daily ATR stop.
Trade closed: target reached
Agree. Stop loss too tight I think.. but looks good
Reply
IvanLabrie PRO themarketzone
Just the same approach I always use. I'll trade it from a lower TF if it allows me to do so.
What do you got here?
Reply
Is that a double top at approx 100.50??
Reply
Yes it is.
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Nica521 IvanLabrie
I think we may see a reversal to approx 88.5. What do you all think?
Reply
Here's my longer term view:

Dollar Index: Top in the horizon
+1 Reply
Overall still bullish, right mate?
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IvanLabrie PRO moneymaking
DXY?
Don't think so.
+2 Reply
moneymaking IvanLabrie
Hmmm.. alright :)
+1 Reply
IvanLabrie PRO moneymaking
Soft economic figures for the US, dovish rate hike, and many commodities going up...I seriously doubt Dollar rally.
+2 Reply
moneymaking IvanLabrie
Sounds good mate. Thank you for the clarification. Happy Holidays to you by the way :)
+1 Reply
IvanLabrie PRO moneymaking
You too!!! :D
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