G’day Surfers – it could be a long week!
One full day’s trading, 24 x 1hr candles, 0 x 1hr candles of 20 pips or more!! Daily Range = 55 pips. Orders placed = 2, Orders triggered = 1: TP1 +6, TP2 -6 = Break Even. Order #2 timed out (surprise, surprise). Well that’s the Fact Sheet of a VERY boring day’s work. Should we be surprised – no, not at all: Clearly the market needed to consume the events of late last week and indeed brace itself for those upcoming in the next 48hrs. The less said, the better!
Price Action (hardly an apt description currently) has performed a deft pirouette and robbed us of our edge (an untested Daily Pivot). With the precision of Nureyev, PA successfully eschewed a pas de deux with DP for 2 days before performing a strategic chasse, gliding through the bespoke Pivot. It is here that Price Action has now taken residence, a now substantial 70 pips above Weekly. Again, not alarmingly overbought but it’s getting there!!
The Day Ahead
It’s a tough situation that requires a lot of caution. The candles are screaming “no liquidity” and we must respect that. Do we really want to jump into a market where alternate candles are opposing, long tailed and very small? I’d really like to find a positive spin for the market guys – but it’s simply not there. As always, should things change and the market decides it wants to move prior to tomorrow’s big ruling out of Germany – we’ll change with it. For now however, best we wait – again.
High Impact News
Have a happy,
Geoff Pyne | Certified SurfingThePips.com Trader