KEY LEVELS TO CONFIRM THE LOW IS IN AND SHIFT IN RISK REQUIRES A BREAK OF THE TRENDLINE AND BREAK ABOVE 203.60-75
GBP IS GETTING SOME OF THE CROSS FLOWS, INCLUDING VS THE JPY, AS THE FOCUS STARTS TO LOOK AHEAD TO THE END OF MIONTH BOJ MEETING ALTHOUGH NOT REFLECTED AS YET IN USDJPY (DOWN ON THE DAY).
‘
THIS CAME OUT A SHORT WHILE AGO
BoJ is reportedly said to see weak consumption comp;licating its rate decision, according to Bloomberg
A look at the day ahead in U.S. and global markets from Mike Dolan
U.S. President Joe Biden’s weekend withdrawal from the White House race can hardly be seen as a big surprise, but it adds some doubts to market bets that Republican challenger Donald Trump is a shoo-in in November’s election.
BTC DAILY CHART – Can it make a run at the record high?
As I noted on Friday, there is already chatter of another run at the record 73759 record high after BTC bucked the liquidation trends pn Friday and traded higher. To suggest this risk, 70000+ needs to trade.
My view on a something that can move 5-10% ovwer a weekend remains that pivotal levels like 65000 and 70000 are as or more important indicators than technical levels.
Using this logic, above 65000 sees a bid and keeps the focus on 70000.
As I posted in our Trading Club Weekly Outlook, GBPUSD would need to get back above 1.2937-50 to confirm the retracement had found its bottom (as seen on this chart at 1.2898.
What you draw on this chart might be right or not – BUT – if you play it Right, at the end of the game ( day/week/month) you will be winning.
By “playing it right “ I mean , if you Sell it on that first resistance , with the tight stop, with what you draw you are looking at R/R about 1:20 , and take care not to overplay it with a position too big – so don’t allocate more then let’s say 2% of your margin to it , you are in clear.
This might not be my favourite style of trading , but even with the probability of 50/50 , you will make it.