Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.
As per last week analysis (attached on the chart), we were expecting a weaker DXY as it was sitting around a strong resistance zone. DXY rejected our resistance zone and traded lower.
Now DXY is trading lower and approaching our lower purple circle.
That lower purple circle is a strong zone to look for buy setups as it is the intersection of the green support zone and lower orange and brown trendlines. (acting as non-horizontal support)
As per my trading style:
As DXY approaches the lower circle, I will be looking for bullish reversal setups (like a double bottom pattern, trendline break , and so on...)
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
As per last week analysis (attached on the chart), we were expecting a weaker DXY as it was sitting around a strong resistance zone. DXY rejected our resistance zone and traded lower.
Now DXY is trading lower and approaching our lower purple circle.
That lower purple circle is a strong zone to look for buy setups as it is the intersection of the green support zone and lower orange and brown trendlines. (acting as non-horizontal support)
As per my trading style:
As DXY approaches the lower circle, I will be looking for bullish reversal setups (like a double bottom pattern, trendline break , and so on...)
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich