After analyzing the forex market's COT report released last Friday, I have aligned my bias with the macroeconomic reports scheduled for this week. There are fewer key events compared to last week, but I am confident that the ones we do have are worth paying attention to.
Now, let me explain why I consider USD/JPY to be a good long trade. First of all, the COT data revealed increased interest in a stronger dollar, further strengthening the already solid bullish sentiment. At the same time, all other currencies either showed increased long interest or reduced short interest—except for JPY.
I avoid trading pairs that are on the same side of the market, as I aim to find as much friction as possible to create the volatility that we, as traders, thrive on. However, this alone is not enough. I will also follow the key reports and events this week, including:
CB Consumer Confidence
Preliminary GDP (q/q)
Unemployment Claims
Core PCE Price Index (m/m)
FOMC Meeting Minutes
Keep in mind that the U.S. market is closed on Thursday.
I won’t wait for every individual release before taking action but will trade accordingly as opportunities arise. For instance, I plan to go long after the CB Consumer Confidence report, but not blindly—I will still base my entries on technical levels. However, the actual numbers in the reports will matter less.
The reality is that sometimes a number that misleads the majority, combined with a strong underlying bias, can create a divergence with immense force behind it.
I will provide updates as the week progresses. Trades might be held for two days or even throughout the entire week, depending on market conditions.
Now, let me explain why I consider USD/JPY to be a good long trade. First of all, the COT data revealed increased interest in a stronger dollar, further strengthening the already solid bullish sentiment. At the same time, all other currencies either showed increased long interest or reduced short interest—except for JPY.
I avoid trading pairs that are on the same side of the market, as I aim to find as much friction as possible to create the volatility that we, as traders, thrive on. However, this alone is not enough. I will also follow the key reports and events this week, including:
CB Consumer Confidence
Preliminary GDP (q/q)
Unemployment Claims
Core PCE Price Index (m/m)
FOMC Meeting Minutes
Keep in mind that the U.S. market is closed on Thursday.
I won’t wait for every individual release before taking action but will trade accordingly as opportunities arise. For instance, I plan to go long after the CB Consumer Confidence report, but not blindly—I will still base my entries on technical levels. However, the actual numbers in the reports will matter less.
The reality is that sometimes a number that misleads the majority, combined with a strong underlying bias, can create a divergence with immense force behind it.
I will provide updates as the week progresses. Trades might be held for two days or even throughout the entire week, depending on market conditions.
Trade active
Entry price is 153.602Trade closed: target reached
stopped out, Waiting for FOMC Meeting Minutes nowNote
Ok news out, the entry price will be 153.413Note
Entry price 153.413Note
consolidating under the entry point, either way, I'm long when the price hits 153.413. Stop will be about 13 pips underNote
still no entry, the range might get bigger, adjusting stop by the range created. Note
We have upcoming U.S. economic data in 45 minutes and are closely monitoring for a potential long entry. I'll provide an update once the numbers are released and market conditions offer greater clarity.Note
Long, stop entry 151.625, stop loss 151.507Note
ENTRY STOP, 151.634, WE MIGHT TREND DOWN UNTIL NEXT NUMBER BUT IF WE GET TO THIS PRICE IM TAKING A LONGNote
LONG
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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.
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.