Hello Traders,
This week I expect a minor pullback from last weeks expansion to one of the three targets posted as we've hit an intermediate high/OB and need to grab sell side liquidity to continue distributing buy side orders-to reach the monthly high target. This will be a more relaxed week in the month as there are not too many EUR/USD economic data reports, and there is a USD holiday on Monday. The economic reports for EUR have all bad forecasts while USD have positive forecast for its reports and that would help EU move lower to the targets. However on September 9th, EUR is have a monetary refinancing meeting to decide whether or not the ECB is ready to cut back on stimulus which will be a bullish driving force for EU.
Target 1 in in correlation to a 6/8 hour order block, FVG on the futures chart, breaker block, and OTE entry point based on the fibo 0.79 retracement point from the original accumulation area of last week.
Target 2 is the same as target one but in correlation to a daily TF OB and is under possible liquidity pool that price can target before reversal.
Target 3 is the most unlikely to happen as the fundamentals aren't there to catalyze price to retrace that far down, unless major USD news takes price there.
Possible Bullish Catalyst:
1.ECB cuts back on stimulus support and hikes rates.
2. Positive economic sentiment
2. reopening and lessened travel restrictions
4. Negative USD economic data reports
Possible Bearish Catalyst:
1. Positive USD economic data reports this week.
2. Negative consumer sentiment and data for EUR
3. Delay in tapering process for EUR.
4. rise in delta cases in EUR and rising inflation figures.
5. US tapering stimulus or rate hikes.
I will continue to update as the week progresses if anything changes, have a great week :)
(this is my trading journal)
This week I expect a minor pullback from last weeks expansion to one of the three targets posted as we've hit an intermediate high/OB and need to grab sell side liquidity to continue distributing buy side orders-to reach the monthly high target. This will be a more relaxed week in the month as there are not too many EUR/USD economic data reports, and there is a USD holiday on Monday. The economic reports for EUR have all bad forecasts while USD have positive forecast for its reports and that would help EU move lower to the targets. However on September 9th, EUR is have a monetary refinancing meeting to decide whether or not the ECB is ready to cut back on stimulus which will be a bullish driving force for EU.
Target 1 in in correlation to a 6/8 hour order block, FVG on the futures chart, breaker block, and OTE entry point based on the fibo 0.79 retracement point from the original accumulation area of last week.
Target 2 is the same as target one but in correlation to a daily TF OB and is under possible liquidity pool that price can target before reversal.
Target 3 is the most unlikely to happen as the fundamentals aren't there to catalyze price to retrace that far down, unless major USD news takes price there.
Possible Bullish Catalyst:
1.ECB cuts back on stimulus support and hikes rates.
2. Positive economic sentiment
2. reopening and lessened travel restrictions
4. Negative USD economic data reports
Possible Bearish Catalyst:
1. Positive USD economic data reports this week.
2. Negative consumer sentiment and data for EUR
3. Delay in tapering process for EUR.
4. rise in delta cases in EUR and rising inflation figures.
5. US tapering stimulus or rate hikes.
I will continue to update as the week progresses if anything changes, have a great week :)
(this is my trading journal)
Trade active:
Sell stops liquidated. waiting for a retest or a break of the current high before a continuation tomorrow.
Trade closed: target reached:
tp smashed!
Comment:
target 2 reached, expecting target 3 to be hit too