G’day Surfers – talk about delayed reaction!!!Yesterday’s Report
In a trading era that has seen EUR/USD tumble hundreds of pips at the slightest hint of bad news, I would have expected an explosion when news broke of the 18 mth Eurozone recession sequence ending. What did we get? A 42 pip range that saw the cross close 7 pips BELOW its open – I’m stunned! Trading that 42 pip range was a treacherous task and we were quite ambivalent. Our first order was Short, traded live in our FREE TRADING ROOM . Price Action (PA) gave a clear indication it wasn’t playing ball so we closed for a 4 pip loss. Order #2 was looking for the explosion Long – it didn’t trigger. Same again for our third attempt – again looking Long but our trading day closed (fortunately), prior to triggering. Minimal damage on a tough day at the office.
Well, a mini explosion finally came – as Europe slept! Delayed reaction to the good EURO news or not, PA finds itself once again, in familiar territory and finally, at the multi confluence level http://clip2net.com/s/5zi5y0 we have been watching closely. Mixed signals are disguising very well however, which direction any such volatility will head. Pivots are confused and very close together, PA is non-existent apart from the one 43 pip movement during Asia session and sits on top of the “firing zone” awaiting detonation. A slight Bearish bias from me but I’ll keep a hawkeye on Hotspots.
The Day Ahead
I’m expecting something special but PA is revealing very little. It might be a subtle invitation we get to join the fun so diligence at and around Hotspots is my mantra today.
High Impact News
|Core CPI m/m
|Philly Fed Manufacturing Index
Thinking Thunderous Thursday is here……enjoy your day.