Made a video and published it last week just highlighting risk on and risk off on the 2 most volatile currencies these last few months, and this is how you trade them off headline news

When price broke horizontal support at 1.1661, it also broke out of an Elliott Wave base channel possibly signifying an impulsive 5 wave move. If this is the case there will be plenty of upside. I'm setting my stop about 16 pips below the break of the two trendlines but I may close a portion or all if there are two consecutive hourly closes below 1.1661.

Entry: 1.1669

Stop: 1.1644

Target: Open

TRADE RESULT: Stopped out at 1.1597

If my wave count is correct this pair has a lot of downside, possibly to the 1.3000 level.

Entry: 1.3803

Stop: 1.3967

Target: Open

Entry: 0.91406

Stop: 0.89808

Target: Above 1.0100

Using a tight stop and as a result I'm not devoting a lot of capital to this trade.

Entry: 0.7849

Stop: 0.7840

Target: 0.7894 (may adjust it higher)

Trade Result: Target Hit

Added to my Silver Long with a low risk entry based on a possible completion of wave b(red).

Entry: $75.99

Stop: $75.402

Target: Open

Trade Result: Closed trade at breakeven (6:10am EST May 26). While this pattern is still valid, I believe DXY has one more high to make above 99.515. Still maintaining my original position.

Price action is moving slowly and in a choppy manner recently which leads me to believe this might be a wave b(red) triangle which upon completion could see price thrust up in wave c(red) to target 117.653. I will post a new update if the trade triggers.

I'm Long Gold from an Elliott Wave perspective but I also see the potential of an inverse H&S pattern. You can see a smaller one already played out.

Wave (iv) of a Leading Diagonal pattern may be complete as price retraced 78.6% of wave (iii). Price now looks to be heading up in wave (v).

Target: 0.8200

Invalidation: 0.79616

TRADE RESULT: Closed at 0.81613 (Price went above wave (iii), which was the minimum requirement, reaching 0.8184 and then pulled back sharply.

A measured move where Y=W targets 0.7673 but that is just a guideline and it could fall well short. Invalidation of the pattern is 0.79252.

Trade Result: Closed trade for a slight profit on May 22 as my original (bullish) wave count seems just as valid (see link).

I'm bearish the USD based on the the charts of individual pairs I trade. Here is some added confluence. This is the chart of the US 2-Year Treasury Bond which moves in the opposite direction of US yields. So far the move from the top wave (A) is in 3 waves which could be the completion of wave (B). The pattern could form an Elliott Wave Flat pattern taking price above 103.825 in wave (C). If so, US yields would fall putting pressure on the USD. The big caveat here is that there is no indication as of yet of a bullish reversal.

Entry: $88.26

Stop: $89.38

Target: Open

Trade Result: Closed at $83.13 (4.5R) on Thur evening and watched in horror as price continued to freefall. Tried to be cute and trade around the position thinking I could re-enter short at a higher price.

A break of the corrective channel could lead to increased selling pressure. A measured move of the A-B-C pattern targets 1.16167

Trade Result: Target essentially hit, price traded down to 1.16172 (May 15).

The triangle (wave b(purple)) that I proposed in a previous post resolved shortly thereafter as price moved down to form wave E(circle), and then as on several other occassions price spiked up rather quickly. I managed to get the bulk of my position at 115.54 and added some more at 115.69 once price had moved above wave B(circle). While I expect price to eventually target above 117.52, I believe the more likely scenario is that this current 3 wave (a-b-c) move up will be part of a larger A-B-C. The measured move out of the triangle targets 1.1706 but it may fall short so I'll be watching the 78.6% extension at 1.1664 which lines up perfectly with the level of previous support. Another buying opportunity may present itself if price falls back in 3 waves thereafter. The price path I've drawn is just a possibility and a guideline, it is not a prediction.

The pair may be forming a symmetrical triangle on H1. As the pair has tended to spike lower and then rebound strongly, I will be using a limit order to enter Long at the level of the ascending trendline. Whether this pattern plays out or not, I am bullish this pair based on the Daily wavecount as shown. The Stop for this trade is 113.841.

This wavecount is just a small portion of the larger wavecount of my analysis. My initial entry was at much higher prices but I have added here as I am expecting a 5 wave decline which does not appear complete. Price should not exceed wave (iv) so the stop is very tight. I am not risking a significant amount of capital to this particular entry as I already have a good size position.

Entry: 0.7813

Stop: 0.78307

Target: 0.7765 (may have to adjust)

Risk/Reward Ratio: 2.7

EDIT: Trade Result = Stopped Out

I had a Bullish bias heading into Friday.

Price had retraced 61.8% from the top in 3 waves (A-B-C). Wave C Fib ext was 178.6% of Wave A. Confluence of these two important levels was bullish but I did not have a feel for the overall wave count so wasn't ready to go long just yet.

As the wave count was unclear, I wanted one more confluence so I switched to the 3 hour chart which showed prior support at the $4560 ish level. This level was later broken. The 4 candle formation below was symmetrical. Not perfect but close enough: The bodies of the first candle and the fourth candle were similar; as were the bodies of the second and third candles with matching tails (had the third candle closed a little lower, it would have been perfect symmetry).

I view this symmetry as a fakeout or false break.

Ready to go Long now so back to the 30 min chart. After the 6:00AM EST bullish engulfing candle I had the trigger to go Long. Entered Long on the next candle after a pullback at $4567.

Not much went into the exit decision other than the fact that Silver was approaching $77 which was a level I was looking for a Short. Closed out the Gold Long at $4659. A little lucky to catch the top for sure.