EURUSD: waiting for an extension of the pullback
Updated
Hi Guys,
the idea on this pair is to wait for an extension of the pullback to exceed 1.19088.
This move was enbedded in the divergence between sentiment and price lows and stopped at July H in conjunction with NFP release on Sept.3rd. In this occasion the indicator didn't stop and exceeded it's July H forming a divergence also between latest two tops.
Price: NFP H = July H
RSI: NFP H > July H
Today price has been hit by some near-term profit taking.
However I still look for an extension above July H running possibly into 200SMA at 1.20029.
To enter the market I am waiting for a bullish set up on LTF that may boost an attack to July H.
Today's German Factory Order should be supportive for the EUR and also for EU GDP data to be released tomorrow.
Important ECB meeting will take place on Thursday.
The expected move may not take place before ECB meeting is finished.
Be ready to take action only when right set up favours your objectives.
If you have any queries please do not hesitate to ask.
Good luck everybody!
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
Trading in foreign exchange (“Forex”) on margins entails high risk and is not suitable for all investors. Past performance is not an indication of future results. In this case, as well, the high degree of leverage can act both against you and for you. Before you decide to invest in foreign exchange, you should carefully assess your investment objectives, experience, financial possibilities and willingness to take risks. There is a possibility that you will lose your initial investment partially or completely. Therefore, you should not invest any funds that you cannot afford to completely lose in a worst-case scenario. You should also be aware of all the risks associated with foreign exchange trading and contact an independent financial advisor in case of doubt.
the idea on this pair is to wait for an extension of the pullback to exceed 1.19088.
This move was enbedded in the divergence between sentiment and price lows and stopped at July H in conjunction with NFP release on Sept.3rd. In this occasion the indicator didn't stop and exceeded it's July H forming a divergence also between latest two tops.
Price: NFP H = July H
RSI: NFP H > July H
Today price has been hit by some near-term profit taking.
However I still look for an extension above July H running possibly into 200SMA at 1.20029.
To enter the market I am waiting for a bullish set up on LTF that may boost an attack to July H.
Today's German Factory Order should be supportive for the EUR and also for EU GDP data to be released tomorrow.
Important ECB meeting will take place on Thursday.
The expected move may not take place before ECB meeting is finished.
Be ready to take action only when right set up favours your objectives.
If you have any queries please do not hesitate to ask.
Good luck everybody!
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
Trading in foreign exchange (“Forex”) on margins entails high risk and is not suitable for all investors. Past performance is not an indication of future results. In this case, as well, the high degree of leverage can act both against you and for you. Before you decide to invest in foreign exchange, you should carefully assess your investment objectives, experience, financial possibilities and willingness to take risks. There is a possibility that you will lose your initial investment partially or completely. Therefore, you should not invest any funds that you cannot afford to completely lose in a worst-case scenario. You should also be aware of all the risks associated with foreign exchange trading and contact an independent financial advisor in case of doubt.
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Before taking any action we need to wait until pair reaches the BUYING AREA. If it builds another rounding type formation supporting the consolidation pattern that is forming after NFP we need to wait for the breakout of the SMA or BLUE ARROW or BLACK TRENDLINE or RED FLAG. To enter before ECB MEETING is risky because of the increased volatility generated by the EVENT. If pair turns to the upside before the meeting (let's say Wednesday morning) and starts following the BLUE ASCENDING LINE) there is still the risk of volatility trying to hit 1.18565 before attacking 1.19 for the breach. Not sure yet how to play it as I am looking for a favourable R/R without risking too much. Any idea?Note
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#eurusd update before ECB monetary policy meeting. Following NFP last Friday the pair retraced the pullback from A and is trying to consolidate above 1.18. H1 sentiment is running higher but price still ranging between 1.181 and 1.182.Note
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#eurusd the daily sentiment remains bullish supported just above the 50 RSI. Today's candlestick begun retracing half of yesterday's drop but ECB meeting makes the move unpredictable.Note
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The pair dropped below the expected buying area and is trying to consolidate between 1.181 and 1.183 (20pips). This ranging period may be followed using Wyckoff methodology. Volatility may increase due to ECB meeting that could trigger a spring or a test of the support at 1.181 before taking a direction.Note
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If you are interested please also follow this thread twitter.com/CozzamaraDaZena/status/1434833832440643584Note
Disclaimer
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