WEDNESDAY DATA (Trade reaction):

• CHI HSBC Manu PMI up to 49.3 BTE
• SW Retail Sales 0830
• GER PMI Mnau 0853
• GER Unemployment rate & change 0855
• EU PMI manu 0900
• UK PMI construction 0930
• EU Unemployment rate 1000
• US ADP change 1315
• US factory orders 1500

NEWS:

• Stocks in US and Asia close up on BTE US and CHI PMI manu data.
• Oil steady and rising
• UBS profits drop 54% in debt change
• Facebook IPO next week.

Initial Thought:   From a purely fundamental p.o.v. I would expect an upward start to the EU day due to the BTE CHI data but there is so much data due out during the morning movement will likely be sluggish. It’s hard to predict a direction after that because it will be reliant on data results.

Correlation: EURUSD high negative correlation to USDCHF

ID (Emotional Bias/reaction to news): Short USD
Watch out for: Swiss, GER UK and EU data throughout morning  and US data in PM.
Plan: 

Plan:
Scalp before and after data results. Lighten up 20mins before to trade the numbers.
0900 = Data , GER and EU data BTE =  long EUR, WTE = short EUR.
0930 = Data, UK PMI construction. BTE = long GBP, WTE = short GBP
1000 = Data  EU Unemployment rate BTE =  long EUR, WTE = short EUR.
1315 = Data US ADP figures BTE - long USD, WTE, = short USD
1500 = data US factory orders BTE - long USD, WTE, = short USD


Potential Trades: NA

Personal Notes: I’m quite tired this morning and as we have a very busy morning ahead of us I’m unlikely to try and scalp as often as my plan says or I’ll end up a gibbering wreck. What I am trying to indicate to myself is the type of trade I shouldn't put on. It would be idiotic to place a H1/60M swing trade on the EURUSD between 0930 - 1000, if I’m going to insist on trading at that time, it has to be a scalp! Good luck.