It was a bumpy ride yesterday as Price (PA) tested both sides of the growing channel #1 (Bearish continuation Flag), displaying nervousness as it darted to & fro. We sustained our first wound of the year, taking a loss on an attempted Short. The 11 pip candle we traded wasn’t big enough to sustain the market’s volatility, which eventually produced a breakout Long. A secret Surfing The Pips Candle Pattern alerted us to the move and we quickly erased the loser to end the day marginally positive. Must apologise for mislabelling the signal – was having a bad day!
As NFP week nears the pointy end, there exists no further evidence of direction. Pivots remain Bearish, complementing the Flag’s intent and Daily Pivot continues to mesmerise PA. We need our work completed early today due to a massive afternoon of News which may tend to keep the market very quiet prior. The week continues to be a reversal of last – could that mean the Flag will break North??? We’ll see.
The Day Ahead
It will probably be snoozey until the News and we are still waiting for a Break South. News aside – the Break should be substantial when it comes!!
High Impact News
|1:45pm||EUR||Minimum Bid Rate|
|EUR||ECB Press Conference|
The early bird gets the worm – cheep, cheep!