Trader-VincentH

Forming H&S +Cypher of Usdollar Index, Idea in Several Phrases

FX:USDOLLAR   Dow Jones FXCM Dollar Index
In Daily Chart , I find an interesting combo of Usdollar index, which is favor of my previous idea on rebounding DXY .

There is also a bearish cypher targeting to 12130, a mid-term goal which may cost at least 2-3 weeks to reach.

Besides harmonic pattern , classical pattern head and shoulder also gives a bullish bias, though it is in progress.

Thus we may adapt our trading plan in following phrases:
Phrase 1: Watch prcie action near 12000.If fail to stand above, hold bearish idea till around 11870 level.
Phrase 2: If Price get support near 11870, creating a higher low point, proper time to hold bullish idea, with TP1 at 12000 level, TP2 at 12130, also the D point of Cypher pattern .
Phrase 3: If there is good FA factors relate with tax reform etc, watching TP3 near 12236, otherwise, check short opportunities near 12130

It can be regarded as a specifc trading plan even u check the chart of DXY , which I mentioned in my previous post below
Comment:
Check the bearish bat of the index, watch the support level at 11980 near rising trend line

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