That intersection at 128.40 will be my target should we get a favorable short setup.
Keep in mind that non-farm payroll is out in just a few minutes at 8:30 am EST. As such, I’m going to wait for the dust to settle following the event before considering an entry.
I also want to wait until next week. Taking a position on a Friday carries more risk due to the chance of a weekend gap. Remember that Monday is also a U.S. holiday so trading activity may be lighter than usual.
An alternative approach to selling a retest of former wedge support is to wait for a daily close (5 pm EST) below Thursday’s low at 131.84. This area served as resistance in mid-September and later attracted bids on the 25th and 26th of last month.
Waiting for a daily close below 131.84 may be the ideal approach all things considered.
Source: bit.ly/2wB0otV
Keep in mind that non-farm payroll is out in just a few minutes at 8:30 am EST. As such, I’m going to wait for the dust to settle following the event before considering an entry.
I also want to wait until next week. Taking a position on a Friday carries more risk due to the chance of a weekend gap. Remember that Monday is also a U.S. holiday so trading activity may be lighter than usual.
An alternative approach to selling a retest of former wedge support is to wait for a daily close (5 pm EST) below Thursday’s low at 131.84. This area served as resistance in mid-September and later attracted bids on the 25th and 26th of last month.
Waiting for a daily close below 131.84 may be the ideal approach all things considered.
Source: bit.ly/2wB0otV