[ CPI ] : A Catalyst for Optimism? 🏳🟧⬛🟧
Updated
- The Weekly candle pulled back up after creasing last week's low
- The Daily Candle yesterday closed in between our Daily Level's 1.09715 and 1.09495
- This was good for bulls as I mentioned because we closed above 1.09495
- Either way Eurusd was still technically inside our overarching Daily range between 1.106 Daily/Weekly level and 1.09495 Daily Level
- CPI Coincided with a Bounce off Daily Support at 1.09495! How Beautiful. I mentioned this occurrence in my update on my previous 2 Posts. CPI decreased signaling optimism for markets. Inflation is decreasing and is on a smooth downward projectory.
-Now will we observe a continued change of character with CPI data as the catalyst. We reject our lower prices and bottom part of the range and go back to 1.106 Daily/weekly Level.
-Our first pit stop to the upside being Monda's Daily Level at 1.10226?
-Price is currently at [ 1.09908 ] . If the Daily candle closes like this I say yes. But we must observe how the daily candle closes and if there is a follow through after the Initial bounce from CPI on the 1Hr TF.
-The 4Hr Timeframe closed beautifully rejecting our Support areas below
+ We must observe if the 4hr zone which coincides with our daily level at 1.09715 can hold for more upside
+ We must consider that we often see a correction of news price action. It can take 2-3 Hours, 1-3 Trading sessions , or 1-2 trading days. We would observe a correction down to 1.09456
More Analysis: Trading went well as I earned profits with reduced position size due to increased news volatility.
I made a few mistakes but overall I can't complain with a +.65% profit on the session and and similar +.60% gain during yesterday's Asian Session.
It makes up for the tough trading Day I had on Tuesday and plus some.
I do want to learn from my mistakes so I will be doing some further reflecting .
- The Daily Candle yesterday closed in between our Daily Level's 1.09715 and 1.09495
- This was good for bulls as I mentioned because we closed above 1.09495
- Either way Eurusd was still technically inside our overarching Daily range between 1.106 Daily/Weekly level and 1.09495 Daily Level
- CPI Coincided with a Bounce off Daily Support at 1.09495! How Beautiful. I mentioned this occurrence in my update on my previous 2 Posts. CPI decreased signaling optimism for markets. Inflation is decreasing and is on a smooth downward projectory.
-Now will we observe a continued change of character with CPI data as the catalyst. We reject our lower prices and bottom part of the range and go back to 1.106 Daily/weekly Level.
-Our first pit stop to the upside being Monda's Daily Level at 1.10226?
-Price is currently at [ 1.09908 ] . If the Daily candle closes like this I say yes. But we must observe how the daily candle closes and if there is a follow through after the Initial bounce from CPI on the 1Hr TF.
-The 4Hr Timeframe closed beautifully rejecting our Support areas below
+ We must observe if the 4hr zone which coincides with our daily level at 1.09715 can hold for more upside
+ We must consider that we often see a correction of news price action. It can take 2-3 Hours, 1-3 Trading sessions , or 1-2 trading days. We would observe a correction down to 1.09456
More Analysis: Trading went well as I earned profits with reduced position size due to increased news volatility.
I made a few mistakes but overall I can't complain with a +.65% profit on the session and and similar +.60% gain during yesterday's Asian Session.
It makes up for the tough trading Day I had on Tuesday and plus some.
I do want to learn from my mistakes so I will be doing some further reflecting .
Note
My Trading Day -->> Note
The NY 4Hr candle failed to close above 1.09715 So we may correctthe news move and head back to 1.09495 Daily Level with This next 4hr candle or Asian Session before we see anymore upside -->>
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