As expected, the market continued to track sideways, waiting for News to break the deadlock. There was some pre-news movement within the range and we took full advantage of that, sniping a nice Long right at the “starter’s gun”. This was perfect Surfing The Pips trading with any stress dissolved after a few seconds from entry, as our TP1 was banked. Target was easily achieved in quick time as well – nice trade. The News announcements had a volatile effect on the market and false breakouts Hi & Lo resulted. At day’s end, Price Action retreated to the “comfort zone” of the week long range.
Asia Session today has been all about selling Euros and Daily Pivot (DP) has been broken like it was rice paper. It has taken residence right on our 1.3285 Daily Critical Zone (DCZ). Pivots remain Bullish but it’s really all about Fundamentals for the rest of the week. Interest rates and ECB Press Conference and US Unemployment Claims are the “headline act” today & of course it’s NFP tomorrow. Technically I have precious little by way of Hotspots and that’s an issue that PA will need to fix.
The Day Ahead
Having made some nice deposits this week, I have no intention of risking those gains at the mercy of Economic Data announcements. Should the market setup technically prior to the News, any considered entry will be minimal stake. Trade with care.
High Impact News – C.E.T.
|1:45pm||EUR||Minimum Bid Rate|
|2:30pm||EUR||ECB Press Conference|
|4:00pm||USD||ISM Manufacturing PMI|
Should be a Thrilling Thursday – Enjoy!