MONDAY DATA (Trade reaction):
- JAP manu PMI 0000
- GER Retail Sales moM up to 0.8%. YoY up to 2.3%
- EU CPI 1000
- CAD GDP 1330
- US Personal Income 1330
NEWS:
- Asian shares close down. But EU open looks positive with expectations of Central bank easing in AUS, UK and US. Gold up.
Initial Thought: With renewed fears in EU I would expect the USD to rise as a safe haven. However Monday morning is often quite a slow start with only Asia open after the weekend so will not hold firm to this view. As Europe opens I will keep a close eye on what other market participants are thinking and take my cue from the price action they create.
Correlation: EURUSD & USDCHF
Leading Pair: GBPUSD
ID (Emotional Bias/reaction to news): Short USD
Watch out for: EU CPI at 1000, CAD GDP at 1330, US income 1330
Plan: Trade with the trend
Potential Trades: NA.
Personal Notes: Despite there being a fairly clear trend of shorting the USD overnight, the trend does seem to be slowing and looks to be weakening. I am unlikely to place a trade until the trend seems clearer/stronger. This morning I will keep a close eye on the H1/60M chart for further clues of intra-day direction before committing to a trade. I will also visit some forex forums, to try and get some further insight in to what other trader are doing, but ultimately I will trade my own plan.
PLEASE ADD COMMENT, ALL VIEWS WELCOME, HERE TO SUPPORT NOT JUDGE! Kind Regards RTC
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