Our M30 trades are typically a wham bam thank you Sam type affair – Entry, Acceleration, TP-1 and Target in less time than it takes to boil the kettle for my evening cup of tea. Yesterday, I had time to harvest the leaves & dry them! Again the market was extremely slow (six hours between order & target) but no complaints – we banked the profits. Price Action (PA) found some momentum mid US Session, taking our Long order with it to again produce a new High. The day’s range increased to an encouraging 70 pips – maybe things are warming up?
No change really, Bullish (as muted as it is) PA continues to close on the 2013 High of 1.3831 and it’s difficult to imagine it won’t make it. Daily Pivot has crept that little bit farther away from Weekly however, suggesting pullback may not be far away. With Super Mario speaking today, I believe we might get both the Year’s High AND a pullback. Not certain the ECB would be too happy with the EURO pushing 1.4000!!
The Day Ahead
As above, a double edged sword today – I’m thinking a test of 1.3831 and a pullback. Very tough to get short without a reversal pattern so eyes peeled for that.
High Impact News – CET
|9:00am||EUR||ECB President Draghi Speaks|
|USD||Core Retail Sales m/m|
|USD||Retail Sales m/m|
Have a great day everyone.