G’day Surfers – they got us.
Sometimes it’s better to extend the weekend when the market has no idea and yesterday was one of those Mondays. We love to find acceleration points but yesterday, there were none and we paid the price. Two setups presented to trade counter trend Long but PA failed by a fraction of a pip to deliver TP1 (broker dependant) on our first order, then continued it’s sideways trajectory succeeding only in pipping us in to the second, before pirouetting and taking us out. We’ll put yesterday down to expenses.
Just like yesterday, DCZ 1.2510 remains the key level. A now solid re-test of that level has closed the weekend gap above the DCZ and opened my previously exclusively Bearish bias. On balance, it appears as a nice retracement and an ideal opportunity for the Bears to assume new positions. The market seldom provides a ‘no brainer’ however and with PA now above the DCZ, some questions arise. An untested DP below PA is beckoning me Short as does a developing continuation Flag and I therefore remain heavily biased towards the Bears.
The Day Ahead
Most days I have sympathy for both causes and today is no different. Heavily favouring Shorts however and an entry in that direction is Plan A.
High Impact News – CET
|9:00am||EUR||Spanish Unemployment Change|
Terrific Tuesday everyone.
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