Is this the death of USD dollar? What is DXY saying?
If you remember I wrote an article here on DXY saying that resistance was 103 here.
What I did in the Alien Room:
1. Short USDJPY around 116.80. Now 112.60
2. Long NZDUSD 0.6950. Now 0.7200
3. Long AUDUSD 0.7500. Now 0.7600
Dollar Trade 1: USDJPY
The first short is USDJPY was done here and there were mixed results where some students got break-even, others took a slight loss while some of them hold on to the trade and made 200 pips profits.
After which, we saw a short opportunity again in the Alien Room but unfortunately, we took a slight 65 pips losses due to Yellen talk that caused USD to break up.
Dollar Trade 2: NZDUSD
Since we are expecting USD to weaken, we also went long into NZDUSD and gotten 85 pips profit.
Dollar Trade 3: AUDUSD
I’ve gotten out with 25 pips profit for AUDUSD but I am proud to say some of my students had actually had faith and pull through the nasty Yellen/Trump woo-ha and made 107 pips profit.
@terraseeds another winning trade from terraseeds. +107 pips in audusd long trade from .7495. Thanks!
— Andy Smith (@SmithDs7191) January 23, 2017
DXY Is Below 100 And Thus Going To Break Down?
I want to caution, trading now on USD will be very high risk. This is because the price is now parked at strong support or strong resistance. This is where I label as a make or break level.
Shorting USD below 100 might just be shorting right into a support. While buying USD below 100 might just be buying into a strong resistance overhead at 100.30.
Therefore, if you look at our trades, it is to sell high or buy low. Now? We wait and see where is the true direction.
I publish my trade diary in The Alien Room here. It records case studies of trades which you can learn from.
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