HTF BULLISH BIAS
I am looking for continued buyers printing new highs as Economic Data is not looking to good as we are seeing massive inflation increases, much higher than the 2008 Economic Crisis. Due to high inflation, consumer goods and service price rising, we need to see how Retail sales data is, to gauge an understanding because from CPI we are seeing an increasing in the price of goods and services, are US Citizens spending $$$ or noticing inflation and starting to save more.
Upcoming Economic Data 8:30AM EST:
1. Philly Fed Manufacturing Forecast - 28.1% above forecast is good for US $, below forecast is negative correlation for US $.
2. Initial Jobless claims Forecast - 350K if claims are more than forecast is a negative correlation for US $, If less than forecast it is good for the US $
overnight price broke 1828KL and went up to 1834 - 20 pips from next KL. Looking to see if Economic data is positive which is a positive confluence with US $, but if Economic is negative and needs more improvement than we can see US $ weakness which is a confirmation, before we execute buys or sells.
if Data is positive i am looking to see Trade Ideas of 1. sells below 1828KL or 1820KL
if Data continues the negative outcomes then I am looking to execute 1. HRHR. buys at 1820KL 2. Buys above 1828KL
I am looking for continued buyers printing new highs as Economic Data is not looking to good as we are seeing massive inflation increases, much higher than the 2008 Economic Crisis. Due to high inflation, consumer goods and service price rising, we need to see how Retail sales data is, to gauge an understanding because from CPI we are seeing an increasing in the price of goods and services, are US Citizens spending $$$ or noticing inflation and starting to save more.
Upcoming Economic Data 8:30AM EST:
1. Philly Fed Manufacturing Forecast - 28.1% above forecast is good for US $, below forecast is negative correlation for US $.
2. Initial Jobless claims Forecast - 350K if claims are more than forecast is a negative correlation for US $, If less than forecast it is good for the US $
overnight price broke 1828KL and went up to 1834 - 20 pips from next KL. Looking to see if Economic data is positive which is a positive confluence with US $, but if Economic is negative and needs more improvement than we can see US $ weakness which is a confirmation, before we execute buys or sells.
if Data is positive i am looking to see Trade Ideas of 1. sells below 1828KL or 1820KL
if Data continues the negative outcomes then I am looking to execute 1. HRHR. buys at 1820KL 2. Buys above 1828KL