Tuesday update of the high probability opportunities we looked at in the beginning of the week in the markets.
Click on the video to watch the full breakdown
The Irish poet and playwright Oscar Wilde famously said: “I can resist everything except temptation.” It’s a truism of human nature. And the financial markets know this. If the market was a person, it’d be a master of goading you into temptation.
The temptation this week is to enter in USD pairs early. The market tends to give what looks like price action but the candles aren’t very strong in their momentum. This causes many traders to enter, and when the real move begins later in the week, they get stopped out.
This week, it’s the USD’s CPI news tomorrow (Wednesday) and the Jobless Claims (Thursday). Given it’s Tuesday, it’s wiser to wait for CPI news for more clarity and allow the potential volatility to do its thing, before looking for a possible entry.
Of course, the news can just add to the move that’s already begun, but when price action isn’t crystal clear, then sitting on the side-lines helps. You may get a worse entry later, but it’ll be with higher probability.
The other pairs are coming into play now. CAD/JPY is unclear, but EUR/GBP and GBP/NZD are aligning with our earlier analysis.
In this video we go over these opportunities for the week:
- Crude Oil
Written by: Dima Mihailovich, Technical Analyst for Forex Prop News
Contact and follow Dima on Twitter: @dimafpn