DXY: Key Levels + Change of Character

23 ส.ค.

Bias: Long
Type: Reversal Trade

Trend: Range
Area of Value: Key Levels from downtrend before change of character.
Momentum: 1D MACD Histogram about to cross the High Tide.
Entry: 97.691
Exit: Stop Loss @ 96.890; Take Profit @ 100.894.

Analysis
Fact 1: DXY since 2022 has stayed above the 100.890 support level trending as a range.
Fact 2: DXY has now crossed the key support level @ 100.890 which now acts as a resistance
Fact 3: DXY crossed the trend line signaling a change of character + DXY MACD Histogram is about to cross to High Tide also signaling a change of character.

Conclusion:
Since the key support level @ 100.890 has now been broken, and there is a change of character about to happen. I believe that DXY will at the very least reach the resistance level @ 100.890 before bouncing off to continue the down trend or break to re-enter the range.

Recommendation:
Long Entry on the Area of Value (97.691), for stop loss add 1D ATR for distance (96.890), for take profit let it be the key resistance level (100.894). R:R of 4

21 ก.ย.

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