DXY has been distributing sideways for a long time and I believe its due for a bigger correction of the major rally in 2018 (Elliott Waves Y wave of WXY). I have outlined my Harmonic analysis of confirmed Gartley on daily TF. Although, by the time I am writing this idea it already made initial reaction I strongly believe there is still room for a bigger drop.
Note, that since initial reaction of PRZ has been already made, there is a chance that price will try to re-test PRZ. In this case we will have a chance to make better short entry.
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Our short entry has been triggered today.
Let's list today's achievements:
a) 50SMA and 100SMA - broken down. b) 20SMA - middle of Bollinger Bands broken down - suggests we will hit bottom boundary. c) RSI 50% broken down.
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DXY gives us a chance to make a better short entry - blue comment on original chart. Scaling into this trade by adding if spikes further is better approach for the entry to my opinion. I am confident that DXY will drop as planned eventually.
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DXY reached Gartley's PRZ again. It is normal. Risk hungry traders can try to hunt shorts at the top. I anticipate price to stall here near PRZ. Safe short positions can be made when price dropping below PRZ. That will trigger bigger move down.
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Shoring opportunities at better prize are here. Entry points are on the chart below.
Trade active
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Trade active
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Safe entry also got triggered. This move in dxy will affect all other markets. Gold, oil, stock...
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Progressing well today. Broke major support. 0.5 fib provided a bounce but will it hold? - My bet is no.
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For better safety of the trade setup SL at break even.
Trade closed: stop reached
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Break even SL got hit today. No loss, no profit.
Trade active
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Re-entered short at $96.83. Setup is still valid.
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Added to DXY short at $96.89.
Trade closed: stop reached
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SL got hit on this trade. Not in position at the moment. Setup is still valid until 97.71 top is decicevely broken up. Will be watching for new entry.
Trade active
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DXY breaks down PRZ again. Entered short. Babysitting until it leaves PRZ decisively.
Trade active
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DXY produced shooting star today on daily TF. Added to short position at $97.25.