It took a full eighteen hours but finally, our Long target from Tuesday was hit yesterday but the time factor proved a little costly. An almost identical setup presented prior to our target being hit but because #1 was still in the market, a second entry Long was not considered. Once again beautiful acceleration took that non trade well past TP1 and eventually another target. Great to see the market ‘behaving’ that way.
The week looked certain to revolve around 1.3140 and that’s exactly where PA is, as I write this Analysis. As usual in NFP week, Thursday afternoon is all about Fundamentals so our pips must come early today. The potential for a decent move before the News is slim however so it may be a quiet day for our strategy. For the record, Pivots and Trend remain Bearish and for what it’s worth – my bias is to trade back into this week’s range, so Short.
The Day Ahead
Expecting little movement until News time but happy to ride any pre-emptive buying or selling. Either will be small stake however.
High Impact News – CET
|1:45pm||EUR||Minimum Bid Rate|
|4:00pm||USD||ISM Non-Manufacturing PMI|
Have a great day,