Took a profit in yesterday's call and here's a new one.
Intraday Analysis
Re-assessing the US Dollar DXY index high timeframe candles:
Yearly Candle: Still an Inverted Green Hammer since last check
Monthly Candle: Still a Red Body with Longer Tail Wick since last check
Weekly Candle: Last check is a Small Green Spinning Top now a Green Long Upper Shadow
Daily Candle: Previous close is a Green Long Upper Shadow current is a Red Doji
Yesterday’s CPI results have gone in full favor of the Greenback as expected.
The US Dollar index is not giving up its gains just yet.
There is a chance of a new up wave after support sustenance on the 101.90-102 levels.
If the yearly candle is able to hold and close in the inverted green hammer pattern is it in right now dragging to April, then it is safe to say that DXY might go up again.
Both the current weekly and yesterday’s daily candle close in Green Long Upper Shadow suggesting that a quick profit taking has occurred creating a swift pullback towards nearby support levels.
Trade Plan
DXY will have strong bids for the day.
I think it will seek a higher high this week before a potential drop.
I remain a buyer for now trying to buy the pullbacks and sell to the next possible highs.
These are the following new long entries:
Buy Entry: 102.93
Stop Loss: 102.65
Take Profit: 103.40
Risk to Reward Ratio: 1.68
Conclusion
In yesterday’s trade, I took profit on the bearish 4H FVG full retracement which actually happened.
So I will buy a market price again but this time targeting a higher high near the 4H 50-SMA and OB residing in the 38.20% fib retracement from February 14 swing high to March 8 swing low with a same stop loss a little below March 10 lows.
Good luck again.
Trading involves risk.
Full read:
https://www.finlogix.com/analysis/20240313/us-dollar-dxy-intraday-analysis-and-trading-plan-for-march-13-2024
