(USD Index) on 15-Minute Time Frame
Analysis:
On the 15-minute chart, DXY has recently breached the Asian session high and experienced a drop. This suggests a potential bearish shift in momentum.
Trade Plan:
You're considering a short position, with the intention of entering once price re-enters the 15-minute supply zone/order block. This zone is viewed as a significant area of previous selling activity.
Rationale:
The decision to go short is supported by the recent drop from the Asian session high, indicating potential weakness in the USD. This, coupled with entering at a known supply zone, suggests a favorable setup for a short trade.
1 or 3-Minute Confirmation:
Before executing the trade, you plan to wait for confirmation on the 1 or 3-minute chart. This could be in the form of a bearish reversal pattern, a break of short-term support, or other technical signals that align with your sell bias.
Targets: Liquidity and Low of Friday's New York Session:
Your targets for the trade are set at liquidity levels and the low of Friday's New York session. These areas represent potential support points where a reversal may occur.
Risk Management:
Implement a robust risk management strategy, ensuring that no more than a predetermined percentage of your total capital is at risk for this trade. This helps to limit potential losses and maintain discipline in trading.
On the 15-minute chart, DXY has recently breached the Asian session high and experienced a drop. This suggests a potential bearish shift in momentum.
Trade Plan:
You're considering a short position, with the intention of entering once price re-enters the 15-minute supply zone/order block. This zone is viewed as a significant area of previous selling activity.
Rationale:
The decision to go short is supported by the recent drop from the Asian session high, indicating potential weakness in the USD. This, coupled with entering at a known supply zone, suggests a favorable setup for a short trade.
1 or 3-Minute Confirmation:
Before executing the trade, you plan to wait for confirmation on the 1 or 3-minute chart. This could be in the form of a bearish reversal pattern, a break of short-term support, or other technical signals that align with your sell bias.
Targets: Liquidity and Low of Friday's New York Session:
Your targets for the trade are set at liquidity levels and the low of Friday's New York session. These areas represent potential support points where a reversal may occur.
Risk Management:
Implement a robust risk management strategy, ensuring that no more than a predetermined percentage of your total capital is at risk for this trade. This helps to limit potential losses and maintain discipline in trading.
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