Long position taken on the 4 hour time frame. DXY --------------------------------------------------------------- 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. ------------------------------------------------------------ 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
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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
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MINUS 1 %
Comment
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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.