patrick186
Short

Dollar Yuan Short Opportunity

FX_IDC:USDCNH   US DOLLAR / CNH
Dollar Yuan formed a nice double top during the month of July confirming the substantial bearish macd divergence we're seeing on the daily.

After forming our high at the double top we dropped down to support forming a lower low, and have now pulled back to the .5 and .618 fib retrace, forming a lower high along with a beautiful right shoulder within the daily H&S formation.

My first target sits around the monthly fib retrace area and daily 200/250 ema's. My guess is we bounce off of that area forming a lower low, and then pullback to the 6.62500 area to retest the neckline/weekly fib/daily 50/60 ema's.

This appears to be one of the cleanest dollar crosses right now and should be a smooth and lucrative trade.

Trade closed: stop reached: Was taken out very early in this trade due to a massive spike within my broker's data feed.
Comment: Trade closed out at 1% profit
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