Don't trade Sunday, unless it's this Sunday!
With the Flynn investigation causing a major dip in the USD, then a correction from ABC news, passing of tax reform through the senate Saturday morning, and tax reform being the biggest bull driver in the market, I believe there will be a correction in the USD at the opening of market. Speculators and commercial traders will be positioning long on the US dollar based on tax reform, so my weak pairs will be safe havens, JPY being the weakest because of its geographic location to North Korea.
With the North Korea threat still in sight, this will be a great tell Sunday to determine the strength of the Mueller investigation in the market vs. the biggest bull of them all, tax reform. I have marked my entry and exit areas on the chart always targeting a profit target within 50 pips. My stop loss is placed beneath the last low and take profit comes right in-line with my last high and the upper Bollinger Band. I have gone ahead and put my BUY STOP above the recent high and 50% Fibonacci retracement of the B-C swing of this bullish Shark, which, as you pros know, is the completion of a 5-0 pattern.
If the market blows past the 50% Fibonacci retracement and invalidates the 5-0 pattern, I have extreme bullish pressure in the USD. The economics of this trade align with the technicals, the major question is how powerful is the Mueller investigation vs. tax reform and has the market already priced in the recent news. With no new updates over the weekend about this scenario, I believe correction is due in the US dollar therefore aligning US risk sentiment with my technical analysis and economic projections of the US economy.
With the North Korea threat still in sight, this will be a great tell Sunday to determine the strength of the Mueller investigation in the market vs. the biggest bull of them all, tax reform. I have marked my entry and exit areas on the chart always targeting a profit target within 50 pips. My stop loss is placed beneath the last low and take profit comes right in-line with my last high and the upper Bollinger Band. I have gone ahead and put my BUY STOP above the recent high and 50% Fibonacci retracement of the B-C swing of this bullish Shark, which, as you pros know, is the completion of a 5-0 pattern.
If the market blows past the 50% Fibonacci retracement and invalidates the 5-0 pattern, I have extreme bullish pressure in the USD. The economics of this trade align with the technicals, the major question is how powerful is the Mueller investigation vs. tax reform and has the market already priced in the recent news. With no new updates over the weekend about this scenario, I believe correction is due in the US dollar therefore aligning US risk sentiment with my technical analysis and economic projections of the US economy.
before price lost momentum and stalled out