The STP strategy was at it’s best yesterday, identifying the day’s only acceleration point and banking the resulting profits. A 14 pip risk produced as much as 50 pips (31 by the book) in a 79 pips range that once again failed to end the consolidation. A very nice way to begin a week in which Fundamentals may well rule.
A couple of changes from yesterday: 1) The weekend’s gap has closed 2) Price Action (PA) is above a tested Daily Pivot (DP). Oh, another small issue – the U.S. Govt is “Closed for Business”!! DP/WP remain as one, keeping PA under close observation. Pivots maintain their Bullish formation and the recently formed Double Top has not been violated, though almost tested. For these reasons, formulating a definitive bias is very difficult so I’m completely ambivalent as to direction.
The Day Ahead
High Impact News – CET
|3:00pm||USD||ISM Manufacturing PMI|
Terrific Tuesday everyone,