Hello everyone!
I am planning an EURUSD long at the level shown in the chart. Entry at 0.99459(dynamic SL meaning i will close the trade manually instead using a hard stop loss).
The reasoning:
That is where the weekly trendline channel is and we have a lot of confluence within that area. Remember this is just the plan, we will pull the trigger once we see how the price reacts to that area. I will be closely watching the 5m and 1m for entries. I will post if the trade will be active or missed. I think the dollar had quite the pullback as expected in the blackout period before FOMC, there is still risk in the markets with BOJ meeting tomorrow morning. In terms of fundamentals not much changed for the Feds. Bank of Canada set the tune yesterday with a pivot so markets are anticipating that the fed will slow down and that we will only find out next Wednesday. All we can do now is wait for the next opportunities and i think many will come till end of the year as the liquidity conditions continue to deteriorate and give us big volatility. I keep wondering myself if this is the bottom or we prepare for the next leg down which will be the most brutal one if the Fed delivers the blow to the markets.
I am planning an EURUSD long at the level shown in the chart. Entry at 0.99459(dynamic SL meaning i will close the trade manually instead using a hard stop loss).
The reasoning:
That is where the weekly trendline channel is and we have a lot of confluence within that area. Remember this is just the plan, we will pull the trigger once we see how the price reacts to that area. I will be closely watching the 5m and 1m for entries. I will post if the trade will be active or missed. I think the dollar had quite the pullback as expected in the blackout period before FOMC, there is still risk in the markets with BOJ meeting tomorrow morning. In terms of fundamentals not much changed for the Feds. Bank of Canada set the tune yesterday with a pivot so markets are anticipating that the fed will slow down and that we will only find out next Wednesday. All we can do now is wait for the next opportunities and i think many will come till end of the year as the liquidity conditions continue to deteriorate and give us big volatility. I keep wondering myself if this is the bottom or we prepare for the next leg down which will be the most brutal one if the Fed delivers the blow to the markets.
Order cancelled:
No trigger... Missed the entry by 13 pips