Ice_
Long

FED Meeting triangle breakout

FX:USDOLLAR   Dow Jones FXCM Dollar Index
The rate hike is expected to arrive at October or December. Both points are possible resistance breakouts. There's also a selling opportunity if the trendline breaks below.

  • http://www.federalreserve.gov/monetarypolicy/fomccalendars.htm
Comment: Exiting short and getting in long if the trend line shows any sign of strength.
Comment: Reversed.
Comment: Trend line broke. Stopping half of the position.
Trade closed: stop reached: New chart coming soon. The hike won't happen this year, most probably.
Gruber, since you cut off the bottom of candles for your channel line, don't you think you should allow some draw-down below before you stop some out? That one long candle is 30 pips below.
+1 Reply
Ice_ asiansupermarket
You are correct. But I did that on purpose, that's why I only stopped half of the position. If the data were strong it would get rejected on the first trendline, but scenario keeps getting worse and worse. It was a fundamental analysis more than a technical one this time.
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