I said it earlier in the week and it came back to haunt me yesterday, that timing really is everything. As usual, we spotted the acceleration point with a favourite Secret Surfing The Pips Candle Pattern but the signal was a little early and the crawling market pipped both our entry and stop, before accelerating to target. An earlier setup Short failed to trigger, as did a second Long order. Aside from that acceleration and a whipsaw news, it was a slow day that offered nothing more.
DCZ 1.2510 survived yesterday but PA, as the DP/WP combo suggested, didn’t wander too far from ‘home’. DP has followed it Northward of course and has taken up residence in the middle of WP and MP. This is a mixed scenario and, like yesterday, direction is 50/50 proposition. That might be frustrating for some but for us – liberating as we are free to trade either way. My sentiment is Bearish however, based on the Flag #1 I still see on meaningful time frames (H4/D1).
The Day Ahead
Thinking Short but happy to play PA’s game, should it decide it’s game on. It’s a day riddled with news so again Timing Is Everything!
High Impact News – CET
|9:00am||EUR||French Flash Manufacturing PMI|
|9:30am||EUR||German Flash Manufacturing PMI|
|USD||Core CPI m/m|
|4:00pm||USD||Philly Fed Manufacturing Index|
Have a great day.