My Plan for Today
ECB Rate Decision at 7:45 EST
Jobless Claims at 8:30 EST
H4 trend line was broken yesterday and a higher high was made on the bullish retracement from the breakdown from 1.20, so for the time being I'm in range mode rather than trend mode.
I would be wary of trading actively before the news releases today.
My bias is still somewhat bearish so I'm watching how price will behave around retest levels 1.1950 and 1.20.
But until I see a setup, I'm probably going to stand out of the way.
Day Trade Plan
I'm concerned that today my be a grind before the new releases.
Will watch pullbacks to the pivot level (1.19-1.1915) yesterday's rough resistance) and see if the upward move continues.
One thing of note is that at the current time this second extension could not make a measured move, which implies lack of momentum in this rally. So if the second leg doesn't complete and sets up a short I may take it.
Either way, I'll look to take profit quickly because I don't envision a solid intraday trend.
Swing Trade Plan
I don't see a setup on the daily for a rollover yet, and I wouldn't buy the daily right now as the sharper momentum is downward from the past few days.
So I'm waiting.
ECB Rate Decision at 7:45 EST
Jobless Claims at 8:30 EST
H4 trend line was broken yesterday and a higher high was made on the bullish retracement from the breakdown from 1.20, so for the time being I'm in range mode rather than trend mode.
I would be wary of trading actively before the news releases today.
My bias is still somewhat bearish so I'm watching how price will behave around retest levels 1.1950 and 1.20.
But until I see a setup, I'm probably going to stand out of the way.
Day Trade Plan
I'm concerned that today my be a grind before the new releases.
Will watch pullbacks to the pivot level (1.19-1.1915) yesterday's rough resistance) and see if the upward move continues.
One thing of note is that at the current time this second extension could not make a measured move, which implies lack of momentum in this rally. So if the second leg doesn't complete and sets up a short I may take it.
Either way, I'll look to take profit quickly because I don't envision a solid intraday trend.
Swing Trade Plan
I don't see a setup on the daily for a rollover yet, and I wouldn't buy the daily right now as the sharper momentum is downward from the past few days.
So I'm waiting.
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