There is a long term bearish trend that indicates that a price action to the downside could take place.
But USD/DKK pair is highly correlated with other major pairs like usd/chf, usd/jpy, it look like usd/chf will go down and usd/jpy up, so which way is it gonna go it can't tell me. But the technical (swing style) analysis are saying to me that there is a long term trend down, short term channel in development, and a retracement in resistance zone, so what did i do?
I went short USD/DKK when price was 5.489, because of reasons explained previously.
Stops will have to go at least above 5.96
And Targets: Target one = 5. 433; Target two 5.413
But USD/DKK pair is highly correlated with other major pairs like usd/chf, usd/jpy, it look like usd/chf will go down and usd/jpy up, so which way is it gonna go it can't tell me. But the technical (swing style) analysis are saying to me that there is a long term trend down, short term channel in development, and a retracement in resistance zone, so what did i do?
I went short USD/DKK when price was 5.489, because of reasons explained previously.
Stops will have to go at least above 5.96
And Targets: Target one = 5. 433; Target two 5.413
