The dollar index is approaching the end of the Daily 5 wave structure that we've been following since 2017. My analysis puts us in the forth wave (of the 5th wave) which may be a simple ABC or may become more complex. Look out for a break of the current trend before looking for a short trade. It may be the one that breaks out short to complete the structure. Alternately you could wait for price to break below the current low point (see alarm line) I'll post a screen shot of daily chart below this to help you put this chart into perspective.
I'll update my ideas as they develop First rule of trading - Protect your capital
Anyone trying to learn Elliott Wave Theory can find a FREE comprehensive Building Blocks video course on my website. See my profile for the link.
You can also follow updates via twitter (link from my TV profile)
Always wait for an entry set up before risking your money.
This is not investment advice - it is purely for educational and discussion purposes. Your Ideas, comments and questions welcome
Good luck Steve Nixon - logicfxtrading
Comment
⋅
Daily view
Comment
⋅
Comment
⋅
Comment
⋅
Progressing nicely - now we need to use our trade management rules to maximise profits.
Comment
⋅
Price is still within the corrective structure - as is my target. Naturally if price breaks out short to give us the 5th of the 5th wave then Risk/Reward could be as high as 1:20. Let's see now it develops.
Comment
⋅
Progressing nicely after a bit of a pullback
Comment
⋅
Decision point reached. Now let's see if this is creating a larger corrective structure or is breaking out to give us a 5th and final wave down.
The was in a trap zone which is why it didnt just drop, it had to trap buyers and accumulate enough liquidity before reversing on retail traders... How sad. LMAO!!!!