Forex FOREX PRO WEEKLY, March 09 - 13, 2020

Sive Morten

Special Consultant to the FPA
Messages
14,059
Morning guys,

Volatility extremely high on the markets right now. Turmoil on stock markets spreads on other ones and FX is not an exception. While markets in general keep trading setups, the swing scales has increased significantly.

For instance, our B&B setup on EUR - it still holds, but yesterday we've got just 50 pips reaction from our predefined level, based on ECB speech. Then, following to tendency EUR has dropped. At the same time, B&B setup has not been destroyed totally - price stands at major 5/8 Fib level and keeps chances on pullback.

Today we could keep an eye on grabber appearing. With the grabber on the back it should be safer any long position. But, anyway, with or without the grabber, invalidation point for B&B is the same - recent lows:
eur_d_13_03_20.png


On 1H chart you can see how situation has developed. Now we're interested only with minor levels where long position could be taken. Our task now, in difficult times is to keep risk as small as possible. We try to follow this rule as yesterday, with 3-Drive "buy" as today, searching entry points that stand in 50 pips range from invalidation point.
eur_1h_13_03_20.png
 
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