A lot of my radar today going around my trading portfolio including the EURUSD. After being stopped out for a loss on yesterday’s bullish Bat pattern, we re-did our IPDE process and started making predictions for our next opportunities. I still don’t see a structure level that I’m a fan of on this pair that is until/unless we get down to the 1.1000 area, but the next potential speed bump may come around the 1.1200 even handle number. Aside from it being a psychological number, we have multiple harmonic moves setting up in that area, some Fibonacci extensions, and most importantly, looking left we’ve got structure leaving clues.
As discussed in yesterday’s live session, the question just isn’t “where will we go?” but “how will we get there?” And this offers yet another trend continuation (TCT) opportunity if the market were to retrace in anticipation on that 1.1200 level being hit. Of course counter trend (CT) traders, this makes no difference to you as you’re only waiting for the next structure level.
We’ve got the Jackson Hole Symposium going on today which may provide some movement along with Pre-GDP and our normal Thursday Unemployment Claims out at 8:30am & Pending Home Sales at 10:00am. I don’t even try to pretend that I can predict the outcome of these events, but keep those in mind while trading today. We’ll be keeping an eye out for this one in our live trading room today along with potential trades on the GBPUSD, EURJPY, GBPJPY & USDCAD which are all high on my radar.
I'm long.
Wild prediction but well.