After many days of descending since the big drop in June (three black crows), the black birds simply kept coming wave after wave, forming an unforgiven falling wedge, of which I believe is close for a reversal.
The yearly low is at 1.70 so we are not that far away, finger cross it will not fall that far but hopefully just a few more pips down so my trades can be activated.
DXY was in correction already before today's negative news, the drastic fall may require a few hours of correction.
If my trade cannot be activated, I will pass this one and come back later next week since tomorrow's Friday, we shall enjoy the weekend whilst account is in green.
SL: below the lower end of falling wedge, however can be safer if you can allow SL at 1.70 which is quite far away from current price to be considered as a SL (unless you are doing small lot size with large account), better to get stopped out and lose little than not stopped out and worrying losing too much.
TP: fib based on multiple highs and lows.
GL.
The yearly low is at 1.70 so we are not that far away, finger cross it will not fall that far but hopefully just a few more pips down so my trades can be activated.
DXY was in correction already before today's negative news, the drastic fall may require a few hours of correction.
If my trade cannot be activated, I will pass this one and come back later next week since tomorrow's Friday, we shall enjoy the weekend whilst account is in green.
SL: below the lower end of falling wedge, however can be safer if you can allow SL at 1.70 which is quite far away from current price to be considered as a SL (unless you are doing small lot size with large account), better to get stopped out and lose little than not stopped out and worrying losing too much.
TP: fib based on multiple highs and lows.
GL.
