GOING SHORT IN US Dollar Currency Index. DXY

Hello Traders

US Dollar Currency Index - TVC.

Formation Analysis

Possible Formation of Head & Shoulder in continuation.
Trend : Downward.
Formation : Parallel Channel Formation (In Progress)
Possibility : Bullish continuation
Probability to hit tragedy: 55.00%
Idea supporting parameters: FIB Level 61.8% honored 6 times during 6 months interval.
Divergence: A visible Bullish divergence appeared on the RSI-Indicator.
Bearish trend in the price action showing a possible reversal of price.

Trade Plan.

Long / Buy Trade.
Entry Point above on the neckline of the Head n Shoulder pattern with a bullish candle @ 104.465

Take Profit - 1 : Below the FIB level 78.6% @ 106.189
Take Profit - 2 : Below the 4 Hour support level @ 107.172
Take Profit - 3 : Below the FIB level 61.8% / Below the Daily Resistance zone @ 108.257

Stop Loss @ 103.85
With the Significance of FAT No. Better to Put stop Loss below the FAT No 104 and
on the 4 Hour Support level 103.95

Lot Size :
Portfolio Size 10000
Risk to Reward 1 : 1
Lot size 850 units @ 5% Risk

TP - 1 = Total PIPS in gain = 1724 Profit 1.67 %
TP - 2 = Total PIPS in gain = 2770 Profit 2.63 %
TP - 3 = Total PIPS in gain = 3792 Profit 3.64 %
Total PIPS in Stop loss = 519 Loss 0.48%

Regards.