EURUSD: Trying to make a little profit before the NFP

Updated

Note: Tomorrow is the Non-Farm Payroll… so this pair will react significantly to the news event. I am hoping to catch the up move out of the ascending triangle before the news event.

Identify:

Bearish Sentiment due to New Structural Lows on higher timeframes
Ascending Triangle. Implies possible continuation in short-term bullish direction. Based off of Bulkowski’s target prediction (~50 - 60% of height of triangle), it falls on the Fib Cluster at 1.0916
Fib Cluster at structural level @ 1.0915 area
Bearish Bat Pattern Forming
Bearish Crab Pattern Forming

Predict:

Price Action breaks to the upside of the Ascending Triangle (Bulls are pushing up, while the Bears are trying to keep them at bay… result is Higher Lows but no New Structure High… until either the Bears or the Bulls exhaust their strength and the other dominates Price Action).
Price action will head towards my Kill Zone which is based off of structure, Fib ratios, and harmonic pattern completions.
By the time we get into the Kill Zone, the NFP event will probably be occurring. If not, then I will base my next trade on the harmonic patterns and go for the ride down … if it happens.

Note

Price action broke towards the downside... well... it happens. move on to the next potential opportunity.

akhostov

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