With eyes wide open, we entered the market Short yesterday, paying respect to the fact we were deep into NFP week by risking only a small stake. What followed was a buying/selling/buying/selling frenzy that left a trail of blood not dissimilar to a shark feeding frenzy. Sadly, we were also a ‘victim’ of the brutality as the life buoy of TP1 was left behind after we fell a couple of pips short. Only 39 pips separated Open & Close in a typical NFP week crawl.
It’s ‘moving’ day for EUR/USD as News dominates the afternoon. It’s NFP eve and traditionally, that means more crawl, until News time. With the exception of a descending Channel forming, there’s absolutely no change technically, from the last 3 days. DP is tested, Pivots are mixed and the gap to the North remains open. I haven’t packed my weekend bag yet, but I’m pretty close to it. PA sits glued to DP and picking a direction remains impossible. We DO have nice hotspots however so nil desperandum!
The Day Ahead
Though it’s tough going, setups at hotspots will remain the focus. I can smell the weekend however!
High Impact News
|1:45pm||EUR||Minimum Bid Rate|
|2:15pm||USD||FOMC Member Dudley Speaks|
|EUR||ECB Press Conference|
Have a great day everyone.