On this beautiful Wednesday we await the U.S. Feds Rate Statement. My original assessment of the $EURUSD pair stated that we should see its price drop to around the 1.33 level by earlier this week, Monday or Tuesday. Obviously we are running behind schedule but not by much. Price currently stands at 1.33780, exactly 78 pips from our entry target. PLEASE BE PATIENT, because this isn't a support level nor was it ever a resistance level. Don't let the fed news spook you out of profitable positions and don't let the institutional traders entice you to trade with them. Instead let the market reaction either carry you to your destination (1.33) or provide you with an opportunity to relive the most recent market move down (from 1.35). Sell the pops at intra-day resistance levels and buy the dips around and below 1.33.
The pair is still in its 46 pip daily range so a move to 1.33 from 1.33780 should take us all of 2 days to complete lol.
Stay local for PT. 2 of this adventure, Low-Volatility= Swing Trades, for the next step to profiting from the $EURUSD and the upcoming news & events.
Also be sure to check out www.tradingtheyen.com/blog, my new blog, for the best news, entertainment and commentary in finance.
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