If we are trading with the trend then it would be wise of us to continue to look for short setups. However, Price has plunged to the downside plenty and it is reasonable to ask when will we see a correction. My thoughts are that we see a dip early in the week. Buyers eventually show up around our weekly level 1.06654 and we continue up for the rest of the week or consolidate after liquidating late shorts. The debt ceiling controversy may be used as an excuse to pump risk assets. It would also provide a nice opportunity for the dollar to pullback. Alot of talks about the dollar being over-extended may see a last and final burst to liquidate any dollar shorts at these level's. After that the dollar may then ease off the highs and pull down for the rest of the week. (Meanwhile EurUsd would go up) A double bottom looks like it may be forming on the 4Hr and so we may an increase on Eurusd sooner rather than later.
Anything may happen and so we must follow the processes we have set in place to protect ourselves. Expect nothing from the market and it cannot dissapoint you. There is always another day to trade your setup as there is always another week to execute your strategy.
Trading Talk: The way in which I execute my two setups during NY session are as follows.
Setup 1: Outline the specific zone you would like to execute this setup. Set your alert(s)
Setup 2: Pick your current bullish or bearish bias and write it on the chart.
I only allow myself up to 15 Trades / Day
But I will not lose more than the Percentage equivalent of 2 Losing trades.
Beforehand my risk management strategy was only as good as my skill. But Sometimes to a fault.
Now my risk management strategy is as good as my Preparation. And this will encourage only the higher quality setups.
Have a good trading week.
Anything may happen and so we must follow the processes we have set in place to protect ourselves. Expect nothing from the market and it cannot dissapoint you. There is always another day to trade your setup as there is always another week to execute your strategy.
Trading Talk: The way in which I execute my two setups during NY session are as follows.
Setup 1: Outline the specific zone you would like to execute this setup. Set your alert(s)
Setup 2: Pick your current bullish or bearish bias and write it on the chart.
I only allow myself up to 15 Trades / Day
But I will not lose more than the Percentage equivalent of 2 Losing trades.
Beforehand my risk management strategy was only as good as my skill. But Sometimes to a fault.
Now my risk management strategy is as good as my Preparation. And this will encourage only the higher quality setups.
Have a good trading week.
Comment:
Although it is a Bank Holiday, Eurusd inches in our direction with the low volume that was expected. No Trading // & That's enough analysis for a bank holiday. Happy Memorial Day.
Comment:
Price is moving down as outlined and I am anticipating it to dip lower to 1.06654 Weekly Level before any serious EUR buyers arrive. The selling on Eurusd to begin the week is quite evident. Trading with the trend has so far payed off for those keeping trading straight forward. But With a news filled week ahead, we must caution. The market may whipsaw in a volatile consolidation before any real move occurs this week. NFP may very well provide a catalyst for a continuation of the week's trend after it has been established.
Comment:
Price has moved down, then moved back up as outlined. Price has bounced quite nicely off 1.074 where I took a position in accordance with the overall bear bias and before news. Have a great day :)
Comment:
Eurusd had more gas in the tank! Price has officially made the dip that were looking for early in the week. With plenty of red folder news events to shake things up for the rest of the week, we must be cautions. It ultimately comes down to supply and demand. Job openings data is expected to ease over the prior period. We may finally see the correction that we've been waiting for -- now that we've dipped into 1.0665 weekly level. I expect this to be a strong level . But anything can happen and a trader must be prepared for any scenario.
Comment:
I'm going to quote myself from the original publishing
" My thoughts are that we see a dip early in the week. Buyers eventually show up around our weekly level 1.06654 and we continue up for the rest of the week or consolidate after liquidating late shorts." Thus far we decreased on Eurusd Monday-Wednesday but are now seeing an increase on Thursday. For the friday Daily candle I anticipating price to hold the higher prices or continue it's ascent with NFP data
" My thoughts are that we see a dip early in the week. Buyers eventually show up around our weekly level 1.06654 and we continue up for the rest of the week or consolidate after liquidating late shorts." Thus far we decreased on Eurusd Monday-Wednesday but are now seeing an increase on Thursday. For the friday Daily candle I anticipating price to hold the higher prices or continue it's ascent with NFP data
