DXY: The bearish correction before the bullish relief
Elliott Wave analysis on DXY resulted in following targets:
+ 16/12/2020 23:00: reached TP3 1.768fib retrace (90.128) + 06/01/2021 03:00 Ranged a bit lower to 1.8943fib (89.209) + Only higher lows & higher highs since 06/01 ! -> EW TP4 1fib retrace (95.716) on track -> EW TP5 2.272fib retrace (86.461) on track
BTC target calculation (avg past 3 BTC prices when DXY hit 95.716 weighted higher for more recent hits): P1 = Price last time DXY hit TP4 (95.716) = 9394.14 P2 = Price 2th to last time DXY hit TP4 (95.716) = 7894.68 P3 = Price 3th to last time DXY hit TP4 (95.716) = 3435.07
ETH target calculation (avg past 3 ETH prices when DXY hit 95.716 weighted higher for more recent hits): P1 = Price last time DXY hit TP4 (95.716) = 235.77 P2 = Price 2th to last time DXY hit TP4 (95.716) = 202.98 P3 = Price 3th to last time DXY hit TP4 (95.716) = 108.58
ETH TP4 (DXY) eq. target = ((P1*3)+(P2*2)+P3)/6 = 203.64 Closest golden fib (my TP) = 218.68
Active ETH Trade: Entry: 1298.98 TP: 218.68 Stop loss: 1443.00 R:R: 7.5
交易开始
Trade went deep into profits but dump got halted @ 1044 I scaled out of it (took good profits) & decided to DCA into a higher entry to give it another try