Potential Double bottom on DXY 4h

There is a potential double bottom chart pattern forming on DXY H1/H4.

We can see two V-shaped troughs known as 'Adam' that are roughly equal in price, with a small peak between them. The pattern is considered bullish and signals a potential reversal in the downtrend.

Entry: First close on 4H above the neckline (99.98)
SL: 99.6
Target1:101.34
Target 2:102,29
Target 3:103,5

Đóng lệnh: đạt mục tiêu:

Trade Open

Take Profit 1 hit, solid 3R trade already.
Closing 50% of the position here

Đóng lệnh: đạt mục tiêu:

Trade Open

Take Profit 2 hit, 5.85R on this target.
Closing 35% of the position here (85% of position closed at this point).

Leaving the final 15% of the position open, moving Stop Loss to 100.57. Let's ride to the TP3!

Bình luận:

If we close H4 above 102.85, I'll move my Stop Loss from 100.57 to 101.74.

Bình luận:

Stop Loss moved to 101.784

We're very close to TP3 on the rest of our position

Đóng lệnh: đạt mục tiêu:

Trade closed - Take Profit 3 reached

This has been one of the best trades I've had in a while. Simple entry setup - double bottom on a S/R line, no drawdown, and highly profitable outcome.

What's next for the dollar? We'll have to wait and see, but given this recent strength I'd expect it to tag 104,8 for sure and potentially even reaching the target for lower high on the monthly/quarterly I outlined in another trade idea (I think around 111 price level)

For this trade, target reached, will be observing how relevant FX pairs and SP500 are behaving around this potential DXYresistance