Tomorrow morning we have a strong inflation indicator (CPI) from the UK reporting at 2:00am EST. The forecast is for a rise in both Month over Month and Year over Year. Will this report be the catalyst for the bearish downtrend against the USD? RSI is giving some early clues but we'll just have to wait and see..
First target was missed by about 9 pips at the 1.36 handle. All good cause now I'm adding an additional 50 lot sell at these levels. Why? Well because the Canadian employment data did in fact come in better than expected and technicals are providing conviction. RSI is now back below 70 on the daily time frame. Here's a snapshot of the original setup...
Here's a simple trade idea Enter long here with a 2:1 reward to risk. Why?? Well I believe tomorrow's Canadian Employment data will come in better than expected and will add strength to the CAD. The CHF across the board is also showing some topping action so I expect a pullback with the CHF strength. == Here's the CAD Employment Forecast == Unemployment...
Taking a look at the daily timeframe, RSI is indicating lack of the bullish momentum as we head into tomorrow's Canadian Employment figures at 8:30AM EST == Here's the Forecast == Unemployment Rate: expected to rise from 5.5% to 5.6% Employment Change: +15k new jobs. Upon reviewing the forecast and based on my gut feeling, I believe there likely could be...
This morning I'll be trading #BTCUSD heading into the US Nonfarm Payroll report along with the Unemployment figures. My expectation is to see further dollar weakness following the report as what we saw earlier this week after the JOLTs Jobs Opening report. If the dollar does weaken, BTC will likely rally. This will give bullish scenario a nice 5:1 Risk to...
Waiting for a retest of 27k to potentially go long. Current market sentiment is bearish dollar with the weaker than expected jobs and inflation (PCE) figures.
== IN SUMMARY == Looking for the bullish momentum to stall out around the 200 SMA on the 4hr timeframe for a opportunity to potentially start short scaling this pair. Just waiting for the bullish momentum to stall out with all eyes on tomorrow's PCE figures followed by the Unemployment Rate & NonFarm Payrolls on Friday.
In Summary Looking for a test of the 1.35 handle followed with lack of the bearish momentum for a potential scalp trade to the upside. If I'm unable to enter the bullish scalp off the 1.35, I'll be looking to go short somewhere around the 1.3535 area provided confirmations exist at the time of entry.
Japan will forgo intervening in the market unless the yen plunges past 150 to the dollar and becomes a huge political headache for premier Fumio Kishida, said a former central bank official who was involved in Tokyo's market foray a decade ago. The dollar stood at 146.125 yen on Tuesday, staying near a nine-month high of 146.565 hit last Thursday. When the...
Just a small scalp setup for now. Will need to assess if/when we hit the first bullish target
Yesterday I was long, and today I'm now short Here's yesterday's video explaining the bullish setup setup
Don't usually see price action continuing continuously after a 250 pip without some sort of pullback. With that said, I'm expecting a 38.2 to 50% retracement from this swing high to low which would bring my bullish target around 184.50ish
Starting with the 4hr chart, RSI is suggesting a bearish correction to the upside in spite of the bullish rejection candle. Price action is still holding below the 200 SMA but I have my intraday bullish target set around that level. Let's now take a look at why I'm only long for the intraday. == DAILY TIMEFRAME == On the daily timeframe, the bulls are...
Upside seems to be limited to 0.6480 - 0.65 which makes me want to just wait for that level to be tested to give it a new assessment. I believe with that strong confluence of resistance, we should be able to at least scalp 15-25 pips off that level of resistance if price action arrives there by tomorrow.
Scalp trade setups likely for today and tomorrow with 1900 scale to the downside and 1885 scale to the upside.
Just based on my experience, whenever price action remains low without much of a pullback, it will likely drop even lower. Furthermore, we are also holding below the 200SMA on the daily and weekly timeframes. For me personally, I don't see any low risk setup for buying BTC at this point.
Looking to go short at these levels 1.0905 for a simple scalp down towards 1.0880 = 25 pip reward. Why am I short selling? Well taking a look at the timeframe, I believe we're up against the midrange pivot and the trend is still holding onto a bearish channel.
Taking a look at the daily timeframe, it's common for equities to retrace the last month of each quarter. With that said, I pointed out on the chart the likely trajectory for the next several weeks.