DXY is in a long term uptrend, so, corrections give way to excellent buying opportunities. This way, we can profit from exploiting volatility, while following our long term vision and fundamental bias. There is a correction under way, which I assume can be similar to the previous ones. I think the move up will start soon, but it'll probably gain steam after FOMC is out of the way, not before. I'd reccomend buying into a position gradually, since now we made a strong move down, breaking into new weekly lows, so we'll need to use a wide stop loss (or calculating size based on risking 0.5-3% of the account, if stopped out 3 times the daily average true range value down from the initial entry).
Monitor price action in the coming 8 days, it should be clear when it's about to turn up again, so be ready to add incrementally to the position. Let's see how it goes, good luck!
Ivan Labrie.
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Acting as expected.
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Adding gradually to longs. I'm hedged considerably while the dollar pulls back with my silver, gold, miners and mxn positions. I'll look to exit these going into FOMC next week.
Low volume support held, uptrend intact. Wait for the close next.
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Anyone caught this?
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Downtrend failure target: 103.62
If the long term signal pans out, this can go WAY higher. Hold!!!
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Absolutely amazing move so far. 104-105 should be hit rather quick. It can keep going higher for a couple weeks too, so, be patient. Stops can be at break even.
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We almost hit the 'downtrend failure' target.
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The price action is scary, I'm out of all FX trades for now, I think we can get a retracement in the dollar trend.
@alex.Singletary, I wasn't intending to catch it with sheer precision, I have been buying gradually over a few days but it's good to see it turned right here. Cheers :D