We don’t really expect the market to move much on Mondays and yesterday, that expectation was met. Sixteen pips were gained in a 48 pip range, making it very difficult to trade. That said, we found 3 opportunities to enter but the lack of market energy meant both our Intraday orders expired without triggering. Our Swing & Relax order Short, caught the day’s only acceleration and achieved TP1. Uncomfortable far from Daily Pivot (DP), Price Action (PA) retraced immediately, producing a Break Even day.
Despite a Lower High on H4 Chart, I see no Reversal Pattern in the Chart and therefore remain Bullish, in a slow moving (almost dormant) market. Not surprisingly, nothing technical has changed since the U.S. Govt Shutdown which continues to spook the market.
The Day Ahead
Business as usual, awaiting PA’s presence at a Hotspot, followed by an StP Candle Pattern. – again preferring Longs.
High Impact News
Terrific Tuesday all.