DXY broke above 100$ and above the 50 MA line last week despite mixed jobs report.
The breakout signals that DXY intends to climb higher.
Its next targets are:
1) 101.5-102$ (trend line and structure zone)
2) 103$ - Double top and re-test of Butterfly PRZ
3) 106$ - Completion of a bearish Crab pattern.
What do you think? Where's DXY next Sell Zone?
Hello guys ,
many of you know the rules of buttery fly pattern but i will mention it below ;
Leg B= 0.786 Retracement Of XA
Leg C= 0.382; 0.886 Retracement of AB
Leg D= 1.272, 1.618 Extension of XA
This is daily time-chart
Now i believe that Leg C will reach the 0.786 or 0.886 because we are in wave 4 in a Downtrend which is a corrective way ,and to be more...
Last oil butterfly took some time to unfold, but the pattern validated and it was a nice trading camapaign. This time, we didn't test the whole PRZ, but price action seems to confirm the trend.
If the first reaction after OPEC and non-OPEC meetings is to go down, I think this will take some time to balance.
Targets indicated on the chart.
Thanks for your comments.
Bullish Butterfly is Formed
The PRZ is shown by the green rectangular area
Divergence in both RSI and Stochastic indicates a possible reversal to the up side
The breakout of the red trend line to the up side confirms the reversal of the down direction
This trade setup is invalid below the red horizontal SL line
Watch for any sign of weakness in the green...
I am short from the blue trend line touch at 1.4960 on the 4 hour chart.
This is a good opportunity to add to my position or to enter a short position as price is forming a pullback on the one hour chart.
Selling the break downwards seems like a good idea.
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