As from DXY pair, EU will probably shoot to that area and retracement to around 88% then go for a long sell to the down side. However, I may not know clearly what pattern will it make but I do know it will sell at the potential sell area. Enjoy ! thanks for reading.
This is just a pinpoint of the important values given by 4-16 (the last time we were in this price range). The strong resistance is a high of a breakdown candle(4-16) and the support is given by the value that was rejected today and also the low of a breakup candle(4-16).
Trade accordingly and personally I think the bears have a slightly stronger control due to...
Setup is pretty smooth and easy to do
Green circle shows where i can enter the trade. I'm planning 2 entries in it. ( $77 and $57) Stop Below the ATL
I may compound on the way up, if that happens
It is not suitable to risk lower than R and risking more than 5R,
I have to make an exception because while market retracing i need as much as cash i could spare.
When you look for a trade, you must start your analysis in the monthly chart. Then you have to go to the weekly, daily and hourly ones. After that work, you can make an idea about the market direction. If you have buy and sell setups in the one hour, you shall take those that go in the daily-weekly direction.
Here you have a good example in the USDJPY. This one...