Since last week I had been trading that Cypher I found. Yesterday as expected we hit TP1 and today TP2 target in the DXY was 101.31, so this was a great trade. Returning to our trade Ok, lets see. Since december we were trading that Falling Wedge Pg. 795 that was broken last week so if we go to the book (Encyclopedia of Chart Patterns) we should expect a 51% change after the trend ends. So definitely the DXY is in a MT bullish trend so dont forget that. Our traget will be something like 106.50, with an intermediate target 103.5, but not for now. Is very important to consider that we´re trading inside that Daily channel in purple and right now we´re just leaving the bottom.
But what should we do with that Cypher we concluded today? Is not so smart. Lets go for that 61.8 Fibo retracement first, and then we will see . In the mean time I had projected in black the channel (wave) we should be trading this week, so our next target will be located in between those yellow lines marked before as resistance points. So for this trade EP will be 101.10 SL 101.5 TP 100.5 (be careful). Alternatively, lady line could be arriving 101.71 and in that case the trade will be sell limit and then go back to 100.1 to be bull again (watch that pink thin channel). Lets see.
But what should we do with that Cypher we concluded today? Is not so smart. Lets go for that 61.8 Fibo retracement first, and then we will see . In the mean time I had projected in black the channel (wave) we should be trading this week, so our next target will be located in between those yellow lines marked before as resistance points. So for this trade EP will be 101.10 SL 101.5 TP 100.5 (be careful). Alternatively, lady line could be arriving 101.71 and in that case the trade will be sell limit and then go back to 100.1 to be bull again (watch that pink thin channel). Lets see.
Trade active:
So ..... it was the pink channel. You know what to do.
Trade active:
If you´re trading this one with me your profits should be great.
