In last night’s video we talked about Wednesday being a busy news day and how one of the major releases to keep an eye on was the GBP Average Hourly Earnings. Well, waking up and seeing big spikes in the GBP pairs I can assume that this number came out better than expected. I’ll make my news rounds after getting this post out to you. Now before we get into the technicals, keep in mind that we still have a good amount of news to come including the FOMC statement at 2pm NY time.
Just to give you guys an update, I did not take the bearish bat pattern yesterday, but I did involve myself in an intraday (structure based) trade that was taken out for about a 40pip loss. With our bat pattern now being invalidated by the penetration of our “X” leg we have to restart our IPDE process and ask ourselves “what’s next?” Well a harmonic move would put us right back into a 1.618 Fibonacci extension along with previous structure highs (look left). Normally in this case I would look for a retest of previous structure highs and a chance to jump on the move up but with the FOMC coming later today, I think it’s more likely that we just consolidate until that release at 2pm.
Which way will the market go after the FOMC statement? I’d be lying to you if I said I knew. I sort of have an idea based off simply opinion, but would never base a trade because of that alone. IF we move bearish, it wouldn’t surprise me if the 1.5550’s level was tested and IF we go bullish, we’ll probably break structure to the upside.
With both the BOE and FED looking to raise rates in the future, this is truly a battle between 2 very strong currencies at the moment. It’ll be interesting to see what unfolds…from the sidelines of course.
Akil Stokes
www.TradeEmpowered.com
Check out my trading videos on YouTube www.youtube.com/chan...eEks3MWZqOsvzTF_LGQg
Just to give you guys an update, I did not take the bearish bat pattern yesterday, but I did involve myself in an intraday (structure based) trade that was taken out for about a 40pip loss. With our bat pattern now being invalidated by the penetration of our “X” leg we have to restart our IPDE process and ask ourselves “what’s next?” Well a harmonic move would put us right back into a 1.618 Fibonacci extension along with previous structure highs (look left). Normally in this case I would look for a retest of previous structure highs and a chance to jump on the move up but with the FOMC coming later today, I think it’s more likely that we just consolidate until that release at 2pm.
Which way will the market go after the FOMC statement? I’d be lying to you if I said I knew. I sort of have an idea based off simply opinion, but would never base a trade because of that alone. IF we move bearish, it wouldn’t surprise me if the 1.5550’s level was tested and IF we go bullish, we’ll probably break structure to the upside.
With both the BOE and FED looking to raise rates in the future, this is truly a battle between 2 very strong currencies at the moment. It’ll be interesting to see what unfolds…from the sidelines of course.
Akil Stokes
www.TradeEmpowered.com
Check out my trading videos on YouTube www.youtube.com/chan...eEks3MWZqOsvzTF_LGQg
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