On the H4 chart we can see that the space is squeezing the instrument even more. EMA showing mixed dynamics and confirming the range.
This is expected to continue till Tuesday when EURO GDP(Preliminar) comes out, which would push the instrument in either direction depending on the figures. Additionally, FED's Monetary Policy Statement coming out on Wednesday, and don't forget the NFP on Friday. High volatility is expected for all events so our job would be to stay calm and listen to what the market tells us.
In my opinion, there will be a strong burst out of the triangle, which would be a great opportunity for some profitable trades.
Highest probability trade in my view - Wait for break of either side, let it run and enter on the correction. On the upper side, we are looking to target 1.1850 area; If support is broken - target 1.1500 area.
Once we have development, I will post appropriate entry points based on my strategies.
Stay patient, money is coming...
This is expected to continue till Tuesday when EURO GDP(Preliminar) comes out, which would push the instrument in either direction depending on the figures. Additionally, FED's Monetary Policy Statement coming out on Wednesday, and don't forget the NFP on Friday. High volatility is expected for all events so our job would be to stay calm and listen to what the market tells us.
In my opinion, there will be a strong burst out of the triangle, which would be a great opportunity for some profitable trades.
Highest probability trade in my view - Wait for break of either side, let it run and enter on the correction. On the upper side, we are looking to target 1.1850 area; If support is broken - target 1.1500 area.
Once we have development, I will post appropriate entry points based on my strategies.
Stay patient, money is coming...
Note
Today's Euro GDP failed to deliver any type of volatility or direction of the instrument. Still lurking below the resistance which may open an opportunity for a short term sell if it goes below 1.1700. Looking for a confirmation via bear formation on M15 and M30 for an intraday sell. Tomorrow FED's Rate Hike will definitely push the instrument hard... lets see what happens - stay tuned
Note
Note
Lower boarder reached. Close sell now or at least book some profit and leave open half position in case of triangle break. Your call, but expect at least a small correction of about 50 pips.Note
Trade active
We can go long nowSL 1.1590
TP1 - 1.1660
TP2 - 1.1700
Trade closed: stop reached
Stop was reached unfortunately, but we have a nice break of the structure and the pull back has started. Get your Sell buttons ready!Note
Price pulled back really close to the triangle which usually would mean Sell time, this time I'm just going to withhold my entry point due to the incoming NFP in 30 mins.
Trade active
Sell now at this area(1.1625)SL: 1.1700
TP: 1.1550; 1;1500
Note
Trade closed: target reached
Second target reached at price 1.1500+125 pips profit
Now looking for the next signal.
Happy Trading
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.