PPI at 8:30 EST
Rally up to 1.20 yesterday. Asian session broke the trend of the extension in yesterday's NY afternoon. Will be watching the nature of this pullback.
Day Trade Plan
I'm thinking today may be an inside bar or slightly positive with the thought that momentum is still up but process of testing breakout levels.
The uptrend is still not broken though, although if price trades back up to 1.1975ish (the breakdown of the Asian session), I'll look for some shorts to target the 1.1950 area.
If price drops past the pivot point in the Asian session, then I'll watch for resistance in the 1.1950-1.1965 range, which would arguably be a right 'shoulder' to yesterday's high during the London session.
While price is below 1.20 (or a trade above and then significant recapture of below 1.20) I have to go short, above 1.20 I will go long if price holds intraday support.
Swing Trade Plan
While I watch this red bar this morning the FOMO is real. Makes me wish I faded the rally last night. But fading is not in my plan, so best thing to do is continue to watch price behavior and wait for a proper setup.
Rally up to 1.20 yesterday. Asian session broke the trend of the extension in yesterday's NY afternoon. Will be watching the nature of this pullback.
Day Trade Plan
I'm thinking today may be an inside bar or slightly positive with the thought that momentum is still up but process of testing breakout levels.
The uptrend is still not broken though, although if price trades back up to 1.1975ish (the breakdown of the Asian session), I'll look for some shorts to target the 1.1950 area.
If price drops past the pivot point in the Asian session, then I'll watch for resistance in the 1.1950-1.1965 range, which would arguably be a right 'shoulder' to yesterday's high during the London session.
While price is below 1.20 (or a trade above and then significant recapture of below 1.20) I have to go short, above 1.20 I will go long if price holds intraday support.
Swing Trade Plan
While I watch this red bar this morning the FOMO is real. Makes me wish I faded the rally last night. But fading is not in my plan, so best thing to do is continue to watch price behavior and wait for a proper setup.
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