Another trade back to DP?

Hi
We celebrated the return to Singapore yesterday with a nice early winner. We traded price back to the daily pivot depending on which entry signal it was a profit of around 1%.

Context
ECB Chairman Draghi has pulled off this Friday’s speech at Jackson Hole citing his heavy workload. This will bring full focus on Captain Bernanke’s speech and the US dollar. Opinions seem divided as to if he will unroll QE 3 in the US. Markets are waiting with caution QE 3 would be expected to push stocks up and the US Dollar down. Now there is an expectation for the speech if nothing happens we will have a reverse response. This kind of unpredictability has many traders sitting on the sidelines and waiting for clarity.

Technical Analysis
Daily pivot has extended away from weekly a little and we have the perfect bullish set up with the pivots. However as the market approaches the Friday announcements price may stay with in the previous highs and lows.
The 4H chart is showing lower highs and lower lows..

The Day Ahead –
Is very similar to yesterday, with the market expected to stay in the range and be a bit choppy we are looking to be in and out of the market reasonably quickly. The longer we sit in a trade the more risk that we take of a one of event stopping us.
We know that the EUR/USD tests the pivot 80% of the time. This offers an immediate trading opportunity at a risk of about 1-1.
The pair is especially vulnerable to surprise news at the moment and still needs some caution.
Bias- My overall bias is still short, but I need to wait for some evidence.
 NO TRADE:

Short entry: We can enter off the recent low and trade down to the Daily pivot, which is also the 382 Fib retracement of yesterday’s move.  After that I will wait to see if the DP is broken and if so will look for a break below and then test of my trendline and previous support for another possible entry.

Long Entry: I would be cautious with the long entry today, I would like to see a bounce of DP, and then a retracement back to my trendline, and an entry there.

News Today

1:30pm USD Prelim GDP q/q
3:00pm USD Pending Home Sales m/m
All the best
PBT