Hello,
I rely on ICT concepts for my trading. I would like to share a trade idea for Monday, February 20th, 2023.
Fundamentals Recap on last week
In January, prices for food, energy, and housing in the US went up, causing inflation to rise by 0.5% and a 6.4% increase compared to the previous year. In February, the NY Fed's manufacturing survey showed some improvement. Retail sales in January beat expectations with a 3% increase and a 6.1% increase compared to the same period last year. Wholesale prices went up due to higher energy prices, suggesting inflation is still present despite a strong job market.
Idea
With price reacting strongly off the Bearish Daily OB at 1.07880, I expect price to possibly continue bearish towards the Daily OB below at 1.06044.
It's worthy to note that price might head into the 50% Discounted zone first at 1.071 before we can look for shorts.
For entries, it's important to use confirmations on smaller timeframes and to always exercise caution while trading.
Thank you,
Chen Yongjin
I rely on ICT concepts for my trading. I would like to share a trade idea for Monday, February 20th, 2023.
Fundamentals Recap on last week
In January, prices for food, energy, and housing in the US went up, causing inflation to rise by 0.5% and a 6.4% increase compared to the previous year. In February, the NY Fed's manufacturing survey showed some improvement. Retail sales in January beat expectations with a 3% increase and a 6.1% increase compared to the same period last year. Wholesale prices went up due to higher energy prices, suggesting inflation is still present despite a strong job market.
Idea
With price reacting strongly off the Bearish Daily OB at 1.07880, I expect price to possibly continue bearish towards the Daily OB below at 1.06044.
It's worthy to note that price might head into the 50% Discounted zone first at 1.071 before we can look for shorts.
For entries, it's important to use confirmations on smaller timeframes and to always exercise caution while trading.
Thank you,
Chen Yongjin