One of the attributes about trading that I find extremely pleasurable is the great uncertainty of what the trading day has in store. Some days the market days exactly as you believe it will, yet no trading opportunity presents. Then, there are days like yesterday when PA strays from the expected path, yet delivers a nice setup and a trade that hits target. Our M30 strategy was the beneficiary but we also spotted a S&R setup on EUR/JPY. That order is yet to trigger, despite PA making a close reconnaissance pass by our entry overnight.
Once again, PA has fought its way above the 1.2775 DCZ and 1.2800 psychological level, positioning itself spot on my Resistance trendline, in the middle of the ascending channel. With Pivots mixed, direction is completely up for grabs. The one pointer we have at our disposal, is an untested DP just below the DCZ, which suggests a revisit to that level.
I’m still a Bear fan and will look to a DP test as the day’s Plan A.
High Impact News
Nothing again today
Terrific Tuesday everyone.