On a typical Monday – Price Action (PA) was a misnomer, there was very little. What a strategy we have then, that can take full profit from a market that moved as if wounded (slowly and not far). Preferring Shorts, we were aware of the potential for a Northerly break of an incomplete Ascending Triangle. EUR/USD had moved half it’s 67 pips for the day when we entered Long. PA gave us only 34 pips to get our 31 – we gladly took them.
Very little change then to yesterday’s charts, with the exception being the now fully formed Ascending Triangle #1. Pivots are still mixed and Daily (DP) has been multi tested. I therefore have no bias for direction. The continued sequence of Higher Hi’s & Lo’s makes a good case for the Bulls however. Once again it’s the battle of the Flag #2 & the Triangle – may the best formation win.
The Day Ahead
The above battle should be determined today and I’ll be watching closely for signs that victory is nigh. Slight preference for Longs.
High Impact News
|11:00am||EUR||German ZEW Economic Sentiment|
Terrific Tuesday all.