I spoke of a possible rally that could occur in the Dollar recently in both my newsletter, and this blog. As you can see, this has taken place. When you enlarge the chart, you can see that the commercials were long this market. This served as a nice alert, to this price move.
The weekly chart, is somewhat flat at this point. As a result, do not get too excited yet about this rally. However, the insiders so far are behind it, so it could have legs from here. Time will tell on that.
There are many ways of trading these types of setups, which I am not going to discuss in great detail in this blog. My intent, is just to give some broad concepts here for review, and discussion, by any viewers.
Anyone long, should have their stop at breakeven at this point. Any logical entries, are well in the black at this point. Proper money management calls for break even stops at worst, once this type of gain is at hand.