This is the set up that I'm patiently waiting for. Although , Price just now reacted nicely at a round psychological number and has a possibility to move up to liquidity - I believe that price will come down to my area of interest.
Come down to the 1 minute and you will see why I chose my entry zone. Markets always have to balance themselves but that doesn't...
I'm putting in my first position to sell NZDCAD - my next position will be the entry you see on this chart. I'm looking to swing this pair to the downside for a couple hundred pips.
I will be selling gbpusd. Through my analysis I see a possible fake out of a breakout from the trend line. Since there is a possibility of price coming down for a break and retest - I will carefully be taking partial profits at each of the TP's I have listed.
TP 1 : CLOSE 20%
TP 2 : CLOSE 50%
TP 3 : CLOSE 80%
RE-ENTERED BUYS ON USDCAD
stop loss was hit on previous entry - positive data came out for DXY so we are giving these buys another go with a tight stop loss.
HIGH RISK TRADE
putting a somewhat of a tight stop loss on this trade due to the volatile market and uncertainty in this current market.
With that being said I am going continue trading with my normal plan but with a calculated risk.
Weekly high was broken on the DXY and what did it do ? It retraced and came all the way down to kill all liquidity from this week.
While everyone is bearish on DXY , I was bullish because I do my own due dillegence, block out the noise and focus on the charts.
If you look at my previous DXY analysis you will see that I had DXY coming up to the zone it is currently at. Although, I do believe that DXY will be be bullish for the month of august - the smart thing to do would be to wait for this weeks upcoming data to come out to see which direction DXY will be headed.
FED is hoping to cut rates up to 3 times this year and...
While everybody was so sure that EU had reversed and was going to continue its bullish momentum. I saw wear it was going.... Keep in mind that these markets are an algorithm and at the end of the day the market moves up and down to kill liquidity and fill imbalances. The ONLY two things that will move price faster or to an unexpected price is news and...
