This could be a good short opportunity down to 0.764-0.765. And assuming 0.77227 just became our new high (daily, 1hr), then could see that open the gates to fall down further.
Liking this for a short on Monday
You're not fooling anyone if you haven't thought about shorting the S&P500. And that in itself is a good reason to not want to jump in now. Then the charts show while it's kissing R1 on Daily, this engine has not yet run out of steam and we could see some shorts burnt out before it truly decides it wants to go south.
Any scalping is risky, even if 3-5min on...
At the risk of sounding arrogant.. sure, was short last night from 1.43587, taking some off the table about 1.41967.
Question is, where is this going to end up? We've punched through 50% fib on 1hr chart (daily points), so 1.40269 (S1, daily) looks credible, upon condition that we stay below 1.42578 (P, daily)
Have taken some off the table - and if you haven't,...
A longer term outlook for DXY based on Daily vs. Weekly vs. Monthly view
While Daily is still gyrating between 95-100, this could still be a positive week for DXY, with some clear direction coming over the horizon (next week). Noted that EMA200 is coming on Daily, so will need to see if we are going to clear that or not
After NFP brought some decisive action, USDJPY has failed to regain any new ground above 124.600
However it has been wasting time flapping about in a triangle - while I favor a short down to 123, it could whip about between 123.232 and 124.500 for a few days
Stops at 124.700, shorting to 123.000
Extended "V" bottom on 4hr, with pennant more visible on 30min
See thepatternsite.com for pattern details
Risk of false breakouts always possible
So looking at >0.78000 for long to at least 0.80
or <0.774 for short
I could be biased but I always prefer longs for pennants