BNF before the budget retraced up from 0.786 lvls of the last swing
the next rally saw a retracement from 0.886 lvls of the last swing
the fall to 0.886 lvls has been interesting - from a vertical rise after budget BNF was following a falling wedge pattern and did a break down from that and started following a descending triangle pattern. it broke down from that as well
yesterday it tested back descending triangle pattern bottom
Both the patterns lead to bullish set-ups but both failed ... It should give wild moves from here.. upside or downside is not known but wild strong moves could be seen this expiry
NASDAQ is nearing its all-time high and US bond yields are cooling off - will this trigger wild bullish moves? or would increasing coronavirus cases act as a dampener
The opening of BNF would tell about the day movement -
if huge GAP UP - expect a bullish trending day
if huge GAP DOWN - expect a bearish expiry
if small GAP or GAP DOWN - expect a range-bound day
Have marked some targets on charts - it's an expiry trade where premium decay would happen very fast. play with SL as per your risk appetite
Happy Trading
MSK
the next rally saw a retracement from 0.886 lvls of the last swing
the fall to 0.886 lvls has been interesting - from a vertical rise after budget BNF was following a falling wedge pattern and did a break down from that and started following a descending triangle pattern. it broke down from that as well
yesterday it tested back descending triangle pattern bottom
Both the patterns lead to bullish set-ups but both failed ... It should give wild moves from here.. upside or downside is not known but wild strong moves could be seen this expiry
NASDAQ is nearing its all-time high and US bond yields are cooling off - will this trigger wild bullish moves? or would increasing coronavirus cases act as a dampener
The opening of BNF would tell about the day movement -
if huge GAP UP - expect a bullish trending day
if huge GAP DOWN - expect a bearish expiry
if small GAP or GAP DOWN - expect a range-bound day
Have marked some targets on charts - it's an expiry trade where premium decay would happen very fast. play with SL as per your risk appetite
Happy Trading
MSK
