What a start to the week! USD strength is impressive, bothersome and impressive! I see a trade here, I have set a forward order at the weekly pivot, we have a nice clean Hammer that has formed on the 4 hour chart, USD index is overbought and I'd be looking for a little "reversion to mean" trade here, I think more USD strength in the longer term. I've laid out the trade, I won't be in this trade unless price hits my limit order @ 1.12031. RSI is almost at the Oversold location, and a peek-a-boo MACD divergence is showing itself. My drivers are the USD index, potential triple bottom support area and the hammer that has formed. 1% Risk, 2:1RR -Happy Trading!
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Well, we are in this trade. Price came to where we wanted (the pivot) and now lets see how it rolls out.
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You don't get much close than that, I'm not a "they are out to get me guy" but the big boys buy/sell at levels that suit them, you can see how this pair pushed hard to hit "that level" and is now retracing. Lets see if that was in fact a last push to solidly a small correction the other way?
@MattArmstrong Buddy cool strategy. I think everything will work out. I will follow you, interesting how it will end
MattArmstrong
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@IgorPorokh, Thank you! I'm in the trade, lets see what happens. If the trade fails...we did what we could and listened to price action, found a good forward order entry and are aiming for 2:1 and risking 1%. The sauce of success. - I'll follow you back, appreciate the follow.