Yes, we expect NFP week to produce a slow market but yesterday was simply ridiculous! Aided by a magnifier, I can make out that the Day’s range was 24 pips. That makes intraday trading impossible – so we stayed well away. Late in the day, we spotted an opportunity to employ the Swing & Relax strategy. That Long order, is yet to trigger.
It would be easy to forget yesterday existed but even though very ‘inadequate’ in volume – sometimes size doesn’t matter. Monday’s range break #1, became Tuesday’s retest of the top of that range (1.3670) and gives me a Long bias. Pivots are mixed but DP is untested above PA – agreeing with my Bullish sentiment. We COULDN’T get a repeat of the nothingness of yesterday – could we?
The Day Ahead
Still looking for PA to test DCZ 1.3735 so a Long setup is preferred.
High Impact News – CET
|ADP Non-Farm Employment Change
|Fed Chair Yellen Speaks
Wonderful Wednesday everyone.