Fundamental drivers taken from forex factory, www.forexfactory.com/calendar.php
Mon Feb 26
ECB President Draghi Speaks
Tue Feb 27
USD
Fed Chair Powell Testifies
Thu Mar 1
USD
Fed Chair Powell Testifies
Fri Mar 2
Tentative
Prime Minister May Speaks
GBP
BOE Gov Carney
This is wildcard week, given the brexit situation and USD fundamentals, GBP news will flow in affect EUR indirectly, through EURGBP, and Fed is also testifying, hence interplay of both EURUSD, neutral, but open to lower timeframe scalp trades, say h1 and 5mins with support resistance as outlined. will be expected to be extremely choppy and stops will likely to be bumped, essentially after all these speeches, residual order flow can be capitalized on for minor scalp trades. it will be key to be able to read price action and time reversals or pullbacks for these kinds of moves. currently neutral, as both sides are as likely, no direct can be properly analysed hence price action will give signal.
no crystal ball hence cannot predict what these guys will be saying, best to trade market's reaction hence the lower timeframe trading methods.
rule of thumb for such environments, stay nimble, size should stay small, and no overstaying of position, if anything smells wrong, drop the position, a small loss is better than a big loss.
Mon Feb 26
ECB President Draghi Speaks
Tue Feb 27
USD
Fed Chair Powell Testifies
Thu Mar 1
USD
Fed Chair Powell Testifies
Fri Mar 2
Tentative
Prime Minister May Speaks
GBP
BOE Gov Carney
This is wildcard week, given the brexit situation and USD fundamentals, GBP news will flow in affect EUR indirectly, through EURGBP, and Fed is also testifying, hence interplay of both EURUSD, neutral, but open to lower timeframe scalp trades, say h1 and 5mins with support resistance as outlined. will be expected to be extremely choppy and stops will likely to be bumped, essentially after all these speeches, residual order flow can be capitalized on for minor scalp trades. it will be key to be able to read price action and time reversals or pullbacks for these kinds of moves. currently neutral, as both sides are as likely, no direct can be properly analysed hence price action will give signal.
no crystal ball hence cannot predict what these guys will be saying, best to trade market's reaction hence the lower timeframe trading methods.
rule of thumb for such environments, stay nimble, size should stay small, and no overstaying of position, if anything smells wrong, drop the position, a small loss is better than a big loss.
Comment:
Market choppy as expected, good for small scalps holding across afew hours
Comment:
Actually it seems like the entire market in general is choppy