uc went through a trend change on a small time frame. It has yet to be confirmed on this 4 hr or higher time frames. I entered when the second wave section up produced a higher low. The stop is just under swing low support at 1.3296. If hit it indicates trend has changed again and the original short comes into play. This wave should reach about 1.3711. Initial price is 1.33089.
Comment:
Long uc is working so far. This is only the first day. It reversed earlier this session and a long was taken. Target is 1.37118 (calculated—should be somewhere close to that). Will ride it till I get stopped out or reach the top of the wave currently developing. A look at the weekly will show that trend reversal will be possible the whole way through this. This large bear flag (weekly) is going to break at some point in the not to distant future. SL is a stop under support at the reversal point at 1.3296.
Trade active:
Oil is putting a damper on the DXY move today, but we are creeping higher.
Comment:
It's working fine so far, but we still need a higher high now. It needs to get above the last section to the downside. The section immediately before this first up section.
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The pair had a rough day, from the long side. Oil was up, DXY was down. The pair changed trends a couple times that I saw, there were probably more at small time frames. It has hung in there though. The Asian session is typically quiet and support is holding so far.
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Got stopped out overnight. Fortunately, with this one stop was close, under support, so no big loss here. It is making another attempt now to start a new wave and DXY may be helping this time. Stop here is also under support. Starting price 1.3307, same target-top of the wave.
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Trend change complete on a 4 hr chart. Will follow next week to see how it shows on the daily.