If you take into account the Wall Street cycle we can see the main points in the market move. On a technical level we have a weekly Elliott 3 top forming looking for a pullback to point 4. This is supported by the DXY oversold level on it's stochastic.
COT data is showing a move toward short positions (not heavily) so again further support of the drop.
Extension levels show the regions 0.7600 and 0.7450 as areas of interest for the drop.
Disclaimer
This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s, and Forex. Hence each trade setup might have different hold times, entry or exit conditions, and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.
COT data is showing a move toward short positions (not heavily) so again further support of the drop.
Extension levels show the regions 0.7600 and 0.7450 as areas of interest for the drop.
Disclaimer
This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s, and Forex. Hence each trade setup might have different hold times, entry or exit conditions, and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.
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Master the Art of Trading: amzn.to/3nUfB9r
Prop firm partners (FTMO)
shorturl.at/hBEQ4
