No market yesterday as Traders decided consolidation was required, post NFP Friday. The Daily Pivot Test we were looking to play FINALLY occurred but was untradeable. Really a typical Monday market that saw a range of less than 50 pips on EUR/USD – no trades.
No resolution to my question of yesterday regarding targets North & South, given the near doji day. In fact, the mixed scenario is even more so, given a tested Daily Pivot (DP) is fairly central, between Weekly & Monthly. Price Action (PA) appears comfortable in the current range, cruising within 1.3550 & our 1.3700 DCZ. Yesterday’s High almost matched friday’s creating a double top – perhaps that’s the directional sign?? For the record, I’m slightly Bearish but that’s as much intuition than technical know how.
The Day Ahead
The beautiful nature of consolidation is that it breaks and if at our Hotspot with a Secret Surfing The Pips Candle Pattern, we make money! Sounds like a plan – eh?
High Impact News – CET
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Tip Top Tuesday everyone.