EURUSD Short > Entry after FOMC Conference
Trading plan and Entry with Sell Stop for EURUSD after FOMC Conference.
On the H1 chart we see the EURUSD having a (Red) Range Pivot Line 0.99950 just under Parity. Being a strong Psychological market level we should expect strong intervention in the area from both Bears and Bulls.
Also we are currently conducting a break and retest of a well know Long Term Trendline that created it 3rd touch back on June 10th 2022 that has provided an 8 month resistance barrier. Now that it is broken many will be looking to it for support.
This with the most recent and (Red) Range Pivot Line at 0.99950 may work as resistance again as it did on the 5th of October and a valid entry point after what I believe will be a Fakeout move to the upside and sweep through the untouched liquidity in the between the liquidity 0.99650 and the liquidity line at 0.99987 just above the (Red) Range Pivot Line
The 35 pip liquidity zone has not been breached all this week with the High of the Week also being the liquidity line at 0.99650.
So my trading plan is to be watching for the Fakeout going long up just into into parity and then waiting for it to confirm to start going back Short after Fed Chairman Powell's speech looking to enter in Short just around the 0.99650
With 1st target being the liquidity line at 0.98075 and 2nd target the next liquidity line at 0.97050. I believe we will ultimately find our way back at 0.95620 region.
I don't see the Fed backing off anytime soon with the Jolts and ISM report today showing barely any influence on them rising rates. And I'm not expecting any Dovish pivot, but also consider Non-Farm Payrolls could on Friday be a surprise too.
Overall with most of the retail crowd will see the bounce off the trendline and be headed Long. That IG Sentiment being Long on EURUSD I believe this Short trading plan along with the TA signals including a recent ABCD pattern completion has a much higher probability than a Long scenario.
On the H1 chart we see the EURUSD having a (Red) Range Pivot Line 0.99950 just under Parity. Being a strong Psychological market level we should expect strong intervention in the area from both Bears and Bulls.
Also we are currently conducting a break and retest of a well know Long Term Trendline that created it 3rd touch back on June 10th 2022 that has provided an 8 month resistance barrier. Now that it is broken many will be looking to it for support.
This with the most recent and (Red) Range Pivot Line at 0.99950 may work as resistance again as it did on the 5th of October and a valid entry point after what I believe will be a Fakeout move to the upside and sweep through the untouched liquidity in the between the liquidity 0.99650 and the liquidity line at 0.99987 just above the (Red) Range Pivot Line
The 35 pip liquidity zone has not been breached all this week with the High of the Week also being the liquidity line at 0.99650.
So my trading plan is to be watching for the Fakeout going long up just into into parity and then waiting for it to confirm to start going back Short after Fed Chairman Powell's speech looking to enter in Short just around the 0.99650
With 1st target being the liquidity line at 0.98075 and 2nd target the next liquidity line at 0.97050. I believe we will ultimately find our way back at 0.95620 region.
I don't see the Fed backing off anytime soon with the Jolts and ISM report today showing barely any influence on them rising rates. And I'm not expecting any Dovish pivot, but also consider Non-Farm Payrolls could on Friday be a surprise too.
Overall with most of the retail crowd will see the bounce off the trendline and be headed Long. That IG Sentiment being Long on EURUSD I believe this Short trading plan along with the TA signals including a recent ABCD pattern completion has a much higher probability than a Long scenario.
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