BV Style - M5 PA + 25 EMA on EURUSD

Still waiting for this 1.02 level to be traded through or to act as support for a possible move back up during UK open.

A double top to boot. Can the bears build off of this now and start to get price moving.

Patiently waiting here to see where they want to take it.

No build up yet. Anything can and often does happen but these types of moves often get knocked on the head fairly quickly. If bears can't assert themselves here we could be going up again.

difficult here.
they took out the buy stops and then took out the sell stops.
seems that they are waiting for the US CPI.
if this goes south, it's a classic quasimodo pattern.

Oh yeah, letting all of this just play out and happy to sit on the sidelines which of course is a position, too.

Agreed about CPI news coming up later this afternoon.

Still nothing is setting up even at the end of the 2nd hour.
It is a fact we are trading in August which is always in the back of my mind but we can also guarantee there will be bulls and bears who are trapped in positions here
and if there is decent build up above or below a pattern line I'll look to try and get my 20 pips in the 3rd hour.

Update:

A false low here with a touch of the 25ema and the PP will get me interested in taking a long on a break.

Ema is slightly rising and carrying price at the moment.
Are other bulls willing to buy a breakout here before US news coming up at 14:30? (2 hours from now)
I'm going to pass on this one and if it goes to the moon I'm happy to watch and come back around the Core Inflation Rate data.

Super gutsy trade to take here but it still made 20 pips to the 1.0250 level.
It's an aggressive trade, but not the trade I take.

Oh funny, I see this thread got moved from Trading Systems to Trading Journals.

I actually messaged the powers that be to perhaps provide some clarification around why the thread was moved.
I won't hold my breath in waiting for a reply.

It is what it is and it is something that is completely out of my control.

The early upward pressure by the bulls finally showed it's hand with the US Inflation news sending the market 100 odd pips up to the 1.0350 level.
New bulls were happy to buy in again at 1.03 DZ and I'll see if they can hold this area for another run today.

Bears on the march now as they hold price below a slowly falling ema.
We are still at the PP and only 10 pips from the DZ adverse magnet.
The move started from the top to pullback is definitely expected but anything can happen.

Very nice trade! Such bearish momentum all the way down.

always difficult to trade on news event day.
test of patience.
overall i think still bearish based on d1 support resistance flip.

Not going my way at the moment, but the stop is there to do it's job.
Still would like it to stay below the pivot.

gosh we have these to contend with.

Nearly got stopped then nearly made it to target. I was away from the charts so was happy to let this play out.
Finally got stopped.

I should be around for the US PPI numbers. Yesterday was a hell of a reaction. There has been a lot more movement in the London session so we will see what the market thinks later on.