More Gas in the Tank? Eurusd 🌬️If we are trading with the trend then it would be wise of us to continue to look for short setups. However, Price has plunged to the downside plenty and it is reasonable to ask when will we see a correction. My thoughts are that we see a dip early in the week. Buyers eventually show up around our weekly level 1.06654 and we continue up for the rest of the week or consolidate after liquidating late shorts. The debt ceiling controversy may be used as an excuse to pump risk assets. It would also provide a nice opportunity for the dollar to pullback. Alot of talks about the dollar being over-extended may see a last and final burst to liquidate any dollar shorts at these level's. After that the dollar may then ease off the highs and pull down for the rest of the week. (Meanwhile EurUsd would go up) A double bottom looks like it may be forming on the 4Hr and so we may an increase on Eurusd sooner rather than later.
Anything may happen and so we must follow the processes we have set in place to protect ourselves. Expect nothing from the market and it cannot dissapoint you. There is always another day to trade your setup as there is always another week to execute your strategy.
Trading Talk: The way in which I execute my two setups during NY session are as follows.
Setup 1: Outline the specific zone you would like to execute this setup. Set your alert(s)
Setup 2: Pick your current bullish or bearish bias and write it on the chart.
I only allow myself up to 15 Trades / Day
But I will not lose more than the Percentage equivalent of 2 Losing trades.
Beforehand my risk management strategy was only as good as my skill. But Sometimes to a fault.
Now my risk management strategy is as good as my Preparation. And this will encourage only the higher quality setups.
Have a good trading week.
