My Plan for Today
EU CPI at 6:00 EST
US Building Permits at 8:30 EST
FOMC at 2:00 EST
FOMC Press Conference at 2:30 EST
Triangle broke yesterday, and the daily closed under the breakout level, still in last week's range though.
Currently things seem like a waiting period before FOMC today.
While I'm not crazy of yesterday's action post-breakout, my bias has to stay short since:
1 - the triangle structure held action under 1.20
2 - it still managed to break a level where bulls had taken a 3-day stand
3 - the break pushed price down another level (under 50% level) of the last week's range
I know there is argument for a rally by some other traders, and I totally respect that, but I just cannot bring myself to buy this while structure continues to be built and broken downwards.
Who knows what FOMC brings today though...
Day Trade Plan
Last day of the week for me as I will be traveling tomorrow.
I'm gonna tread very carefully, but look for small rallies for short opportunities should they arise.
Since this is the lower half of last week's range, trying to short the lows might get my face blown off.
Swing Trade Plan
Can't do anything here. Shorted more on the breakdown yesterday, now I'm at the mercy of FOMC. Ideal scenario would be if the week closes out a red bar which might lead to more momentum.
W1 - possible end of week scenario?
EU CPI at 6:00 EST
US Building Permits at 8:30 EST
FOMC at 2:00 EST
FOMC Press Conference at 2:30 EST
Triangle broke yesterday, and the daily closed under the breakout level, still in last week's range though.
Currently things seem like a waiting period before FOMC today.
While I'm not crazy of yesterday's action post-breakout, my bias has to stay short since:
1 - the triangle structure held action under 1.20
2 - it still managed to break a level where bulls had taken a 3-day stand
3 - the break pushed price down another level (under 50% level) of the last week's range
I know there is argument for a rally by some other traders, and I totally respect that, but I just cannot bring myself to buy this while structure continues to be built and broken downwards.
Who knows what FOMC brings today though...
Day Trade Plan
Last day of the week for me as I will be traveling tomorrow.
I'm gonna tread very carefully, but look for small rallies for short opportunities should they arise.
Since this is the lower half of last week's range, trying to short the lows might get my face blown off.
Swing Trade Plan
Can't do anything here. Shorted more on the breakdown yesterday, now I'm at the mercy of FOMC. Ideal scenario would be if the week closes out a red bar which might lead to more momentum.
W1 - possible end of week scenario?
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