CHAT ART: I've Jumped the Gun on USD Weakness. Check out the DXY!
GOOD EVENING STEEMIT!
Remember yesterday's EUR/USD bull flag? Yeahh… I may have jumped the gun a bit here.
With my stop just below that higher time frame horizontal zone, price is immediately flirting with my stop without any sign of the US Dollar weakness that I was playing for.
I want to now take a look at the DXY and have a look at the bounce that burnt me, starting off with the daily chart:
DXY Daily
That 20 pip zone between 93.00 and 93.20.
Fucker.
See price poked its head through the DXY flag with things looking rosey when I posted the EUR/USD trade last night, but we just couldn’t get through that level.
EUR/USD Hourly
My EUR/USD long is alive because my initial positions in any trade always sees my stop placed below the higher time frame level (the arrow). Wait for the momentum to be confirmed to add into the position with tighter stops to really pick up the risk:reward.
Not the finest piece of trading I've executed lately... Hope you can take something out of it none the less.
Peace.
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Good post @forexbrokr.
I myself consider the sale of EURUSD in the future...
Something like this kind of plan:
Thank you for your opinion!
Hey maksym, thanks for sharing a chart! Have been copping a lot of spam comments recently so this was a nice shock haha.
My purple block is more of a 15 minute zone which I show in yesterday's blog.
Now price is coming back up to retest the zone as support again and it lines up with the outside of the flag as a confluence of support too.
Come on rip!
this looks quite solid. I like retest trades as they have a higher probability of playing out. have you considered the possibility that this market may be putting on an extended head and shoulder pattern with thee right shoulder and the head already formed?
I agree that it is a good time to buy, excellent your post congratulate you
Well I'm still long EUR/USD (short DXY you could say) haha.
UPVOTED.
very good.
I would be happy if you like to follow me and give your opinion about my posts.
Thanks.
If you're going to beg for follows, at least pretend to comment on the blog with a conversation piece and not just a copy/paste job like this.
👍👍
I really like your post, your post is very useful for me and I will wait for the next post. Have a good day for your friends
Hmm. Ok!
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the postings that are interesting, sanngat,
I've memfollow you @forexbrokr and resteem posting.
I hope you also follow me @blackbone and resteem my post.
good job !!!
lol.