US Dollar Minor, Major Correction

o0oo00o
o0oo00o

This chart is being viewed on a 4 hour chart.

The US Dollar has been on a steep decline. As we know, what goes up, must come down and in this case, what goes down must go up.
Looking at the two highlighted areas on the chart, shows my beliefs as to why I believe the Dollar will be correcting and possible continuing a bullish direction.
Looking at the top highlighted area, prices started a small correction and proceeded to reverse and head south. When looking at the chart, the most recent leg down, came shy of just 6 cents to the other highlighted range and now we see price starting to a minor correction.
When I placed a Fibonacci and a Fibonacci Projection, price seems to be bouncing off the 50% and it also looks it is forming a right shoulder on a head shoulders pattern. The 1.27 extension is right below the trend line and that is where my take profit will be placed.

Let me know what your views are.

Post edited by JoshWinter on

Comments

  • JoshWinter
    JoshWinter
    Posts: 472

    Nice post @o0oo00o. I like the dollar long too but not in it yet. In one account I plan to buy /DX which is the dollar index futures. In another account I will short EURUSD. Below is my dollar views and soon will have a trade hypotheses in place.

    33.png 92.5K
    Always a Student. B)
  • o0oo00o
    o0oo00o
    Posts: 12

    I like the idea you have there and i think were on the same page. my idea was just a heads up what could happen.
    We just have to be patient and see what the market decides to do

  • JoshWinter
    JoshWinter
    Posts: 472
    Yup, let price show itself then jump on the train. Keep it simple don't try to predict and just react is what I always remind myself.
    Always a Student. B)
  • francisco0852
    francisco0852
    Posts: 2




    This is my 2 cents why dollar will rally and one of the major reason is EUR index broke uptrend.

  • JoshWinter
    JoshWinter
    Posts: 472

    Nice Charts! @francisco0852, agreed looks like we are ready for a reversal. Keep your ideas and .2 cents coming.

    Always a Student. B)
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