Daniel.B
Short

Short term change of bias **DXY

INDEX:DXY   U.S. Dollar Index
268 4 4
Update: Short entered at 98.94. Stops moved from break even to 97.74. TP 1 96.60 / TP 2 -27 Fib / TP 3 -618 Fib

Well hopefully most came out unscathed from the FOMC yesterday, as I sure did not. Licking some wounds, but moved on and ready for the next day, with an adjusted plan of action! =)

Im waiting to short the DXY             in the previous support turned resistance at the .618 area upon confirmation on the lower TF's. Target 1 would be the -27 Fib and target 2 will be the -618 Fib. Stops will be moved to break even upon reaching target 1. If there is no confirmation of price being rejected at resistance then I will sit aside on the sidelines.
And the important part now, stops will be above the high (100.38)

And as always I will wait for confirmation on the lower time frames.

Happy Trading traders, always remain flexible to the changing market dynamics. =)
Daniel.B
2 years ago
snapshot
There was my reasoning for entering short the DXY. Price broke the ascending trendline on FOMC day, retraced and retested the trendline break which had confluence with previous support turned resistance and also the .786 Retracement. With price being rejected at both.
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Daniel.B
2 years ago
Intra day price action update:
snapshot
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Daniel.B
2 years ago
Update: Stops taken out at a profit. Overall it was a good trade for me as Target 1 was in fact hit, and the rest was taken out at a profit also. =)
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Daniel.B
2 years ago
Updated Intra-day Chart on the DXY
snapshot
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