DXY US DOLLAR INDEX Update - 5th November 2014

DXY US DOLLAR INDEX Update - 5th November 2014

Daily Chart

• Approaching Resistance - haven't seen these levels since 2010
• Above there the next resistance is at around 89.00 however, in this range it could be very choppy according to the price action from 2004-2006
• Although False breakouts are statistically lower odds than real breakouts, the chance for a false break / or reversal are higher due to the obvious negative divergence on MACD and RSI. Perhaps we will know by end week as we have Non Farms on Friday.

Outlook Trade opportunity

Cautious at these levels

Risk Level __

Tips -

Always take note of any economical news event on our provided calender below

My daily routine as a forex trader

Daily routine

As i live in Australia and mainly focus on late asia and london open i have the privilege to sleep in a little. My day always start with a coffee and a fresh mindset. Then i review my charts looking at the pairs i concentrate on. Review the economic calender and prepare on potential trades for the day. If i feel not right or not in sync with the markets i tell myself to step away. Rememeber that we dont need to trade everyday.! Preserve our capital! 

Below are just a few things i always remind myself

-nobody is forcing you to trade

-if i have two loosing trades in a day , my day is over

-i will not take more than 3 trades a day with smaller risk after the first winner.

-enjoy your work but never want it to be too exciting as if you feel that way you might be riding a rollercoaster ride (not consistant)

P.s i am writing this post on my iphone while having my morning coffee so excuse me for typos. :)