Three times we invited PA to ‘play ball’ yesterday but the market was pitching outside the strike zone, producing expiry’s on plays one and two. The fast ball (acceleration and entry) came on pitch #3 and after a near foul, we managed first base (in reality – TP1).
That was sixteen hours ago and still we are trying to steal a home run. A second consecutive 26pip range showing all the signs that we are in NFP Week!
The ‘old ball game’ continues with the Bulls looking to secure that home run above 1.3140. The opposing Bears however, are determined to keep the ‘score’ below that level. With such a crawling market, there has been no change to yesterday’s scenario – everything is still Bearish on most Charts. With consolidation more likely to continue than not, my bias is to trade to and off 1.3140 rather than through it.
The Day Ahead
Keeping risk to a minimum is my mantra today so trading into Support and Resistance without a TP1, is definitely off the agenda. I’ll be looking for false breakouts in either direction and of course – a Home Run.
High Impact News
Nothing today, it’s the calm before tomorrow/Friday’s Storm!
Wonderful Wednesday everyone.