I said two weeks ago we may get a trap move the first week of March. Keep in mind it is NFP this week as well. 1.2020 has been such an active spot over the last 30-60 days for EURUSD. Check my prior posts.
At the moment I don't have a bias on EURUSD and I will most likely be sitting out today, I want to see more behavior from price. If I had to choose a side I am still bullish until 1.1980 breaks.
I feel like what the market is presenting right now is a great opportunity to practice chart awareness.
NOTE: These stop losses would be sell orders, since the breakout traders were long.
*If we hit these stop losses by Tuesday we will have a double top pattern forming, this will trigger more traders short...but don't forget NFP is around the corner.
I think this could be a great opportunity for a market maker to buy up orders at a discounted price. The double top trades would also be SELL ORDERS
I don't have enough money to move the market, so just because I think this is a good chance to buy, doesn't mean it is, I need to see the actual market markets get involved, I only attempt to mimic them.
1.1980-1.2020 is a buy zone I'm watching.
IMPORTANT NOTE: February also broke Jan's low but failed to close below it on the monthly.
At the moment I don't have a bias on EURUSD and I will most likely be sitting out today, I want to see more behavior from price. If I had to choose a side I am still bullish until 1.1980 breaks.
I feel like what the market is presenting right now is a great opportunity to practice chart awareness.
NOTE: These stop losses would be sell orders, since the breakout traders were long.
*If we hit these stop losses by Tuesday we will have a double top pattern forming, this will trigger more traders short...but don't forget NFP is around the corner.
I think this could be a great opportunity for a market maker to buy up orders at a discounted price. The double top trades would also be SELL ORDERS
I don't have enough money to move the market, so just because I think this is a good chance to buy, doesn't mean it is, I need to see the actual market markets get involved, I only attempt to mimic them.
1.1980-1.2020 is a buy zone I'm watching.
IMPORTANT NOTE: February also broke Jan's low but failed to close below it on the monthly.
Note
Looking for Daily candles to behave like this as we approach NFP.Note
Expecting price to rotate around these two weekly lows for a day or two...plus the market usually slows down wed/thurs during nfp.We also have stimulus checks in the mix.
If we get a daily fractal that will be a good confirmation for a bull run.
If we get the fractal, I will be looking to buy a trap move.
Everything depends on today and tomorrows close though.
PRICE COULD VERY WELL JUST SH*T THE BED. This is speculation right now
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Each week, I send an email breakdown of the best forex setups, watch zones, and market trends so you can trade with confidence.
Your next setup is waiting—Subscribe for access to my weekly outlooks.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.