It seems like the EURUSD has been in a sideways/consolidation cycle this week.
I would simply look for price to go back down since we are at the highs of the consolidation.
I would simply look for price to go back down since we are at the highs of the consolidation.
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I still have a short bias on this pair but I wouldn't rush to take positions today.
That meltdown yesterday ended up taking out also Monday's Low of Day and now price is stalling around that level. I am expecting some kind of trap today/tomorrow which might make some traders think think that we are done dropping but ultimately do so and set the Low of the Week on Friday. We shall see.
I still have a short bias on this pair but I wouldn't rush to take positions today.
That meltdown yesterday ended up taking out also Monday's Low of Day and now price is stalling around that level. I am expecting some kind of trap today/tomorrow which might make some traders think think that we are done dropping but ultimately do so and set the Low of the Week on Friday. We shall see.
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Yesterday I was expecting a move up during NY which happened but I was not satisfied enough with how high they came so i never took the trade opportunity I had between 1130 and 1230 EST time. When I saw price dropping after that and also into Asia I couldnt help but feel the need to place a trade. The FOMO was high! but I didnt.(Good for me)
Today I noticed an M type 3 setup in London but I knew we had news coming with NY and with that, maybe an opportunity for MM to spike price to the highs and give me an opportunity to take my short.
The plan now is to hopefully ride these trades out until tomorrow. Remember I said the Low of the Week might be set on Friday.
Tomorrow after the LoD is set, it is likely that MM will push price to the highs quite fast. We've had 3 days of drop so far. The trend is becoming clear. There is a chance that after the LoD is set tomorrow, MM will push price to the highs.
Yesterday I was expecting a move up during NY which happened but I was not satisfied enough with how high they came so i never took the trade opportunity I had between 1130 and 1230 EST time. When I saw price dropping after that and also into Asia I couldnt help but feel the need to place a trade. The FOMO was high! but I didnt.(Good for me)
Today I noticed an M type 3 setup in London but I knew we had news coming with NY and with that, maybe an opportunity for MM to spike price to the highs and give me an opportunity to take my short.
The plan now is to hopefully ride these trades out until tomorrow. Remember I said the Low of the Week might be set on Friday.
Tomorrow after the LoD is set, it is likely that MM will push price to the highs quite fast. We've had 3 days of drop so far. The trend is becoming clear. There is a chance that after the LoD is set tomorrow, MM will push price to the highs.
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In other words this is what im expecting: