STOP, ENTRY, TP - DXY - LONG POSITION

Long position taken on the 4 hour time frame. DXY
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Entry :-

1) Break and retest of the 4 hour phase line as new support.
2) 0.618 Fib retracement.
3) Daily trend line bottom of channel.

STOP :-

1) Below the most recent 4 hour swing lows.

TP :-

1) Targeting the most recent 4 hour swing high.
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Additional note :-

R:R 1:1.5 ( sorry for bright green TP)

1 H chart showing deceleration

Concerns for the position :-

Monthly showing price action more typical of a daily chart. Bearish bias, hence the long position to most recent 4 hour highs only.

Trade closed: stop reached:

Technically It looked good, but broke the daily trend line and has consolidated now. Trend line now resistance. The higher monthly timeframe ended up influencing the position. Fundamentals - just me speculating but the increase on tariffs on Chinese important. The trades a loss, dust off and go again.

Comment:

MINUS 1 %

Comment:

LESSON LEARNT - LOWER TREND LINE FOR UPWARDS CHANNEL SHOULD HAVE BEEN SLIGHTLY HIGHER. MADE THE TREND LINE FIT THE TRADE INSTEAD OF PLACING IT IN WHERE IT GOT THE MOST TOUCHES. 4 HR PRICE CONSOLIDATED WITHIN THE RANGE. ENTRY LONG SHOULD HAVE BEEN BOTTOM OF THE 4 HR RANGE. 50 EMA IN A RANGING MARKET NO CONCERN.PRICE REACHED MY TARGET. BETTER STOP BELOW THE MOST EXTREME LOW.

Comment:

ENTRY CANDLE 13TH OF MAY, 2019.