DX Approaches Critical VWAP Level

DX Megaphone

DX is Approaching its Megaphone VWAP Level at 95

DX is approaching the VWAP level of its blue megaphone at roughly 95.

DX could slice through that level for a crash to the blue megaphone bottom, but it’s much more likely to bog down there and start a new megaphone that keeps the dollar moving sideways for a long time.

If we do get the purple scenario, it will establish the larger pink megaphone and DX will be a strong favorite to go for its top at least one more time.

7 Comments (To enlarge images, right click on image & then click "view image") → DX Approaches Critical VWAP Level

  1. scarecrow

    hi moe,

    here’s one you might wanna consider looking at:

    X

    from my very untrained eye, looks like it’s at an interesting spot on both short term / long term chart.

    also could the most recognizable name associated with any future MAGA infrastructure push.

    Reply
    1. Trader-Moe

      Scarecrow, thanks. X has that same great Neely set-up–a move to 100, a bit of a pullback, then back up to the all-time high at 200ish.

      Likely forming an island rounded bottom right now with a neckline at 25ish.

      Should be a great ride. Thanks again. Will do a post this week.

      Reply
    1. snake oiler

      I don’t have the sample size to verify, and the context is more important ( I was trading ES and NQ, so the bias has been to reverse up anyway nowadays). But I’d be keen to know if you see something similar

      Reply
  2. snake oiler

    Moe, you drew a yellow falling wedge that it broke out of almost immediately after confirming. I’ve noticed that when the downward sloping upper trendline of a potential falling wedge can touch the top of a double bottom, a quick downtick to a new low confirming the wedge, then a quick reversal to breakout to the upside of the falling wedge, is a great reversal signal. It can be taken without regard to volume if it does both on the same bar. That’s a great insight you showed about how channels confirm. Nobody is indifferent to that line.

    by the way, you’ve been killing it on twitter. I can’t believe a single word I hear on the news.

    Reply

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