G’day Surfers, they went without us!
The Mixed scenario of yesterday, was decided in favour of the Bulls. We were looking to catch a ride with them but they rallied without testing Daily Pivot (DP) OR without providing us with an entry signal. We spotted an opportunity to trade the short to DP but Price Action (aided by some poor US House Sales news) seemed interested only is rising and we went without entry.
DP has now left MP in its wake but due to WP lagging the pair, signals remain mixed and therefore direction uncertain. With DP untested yesterday and so far today, I would be expecting that to change and a move South at some stage. The Descending Triangle #1 is forming on smaller time frames won’t discourage that occurring. That said, higher Hi’s & Lo’s dominate Intraday Charts so it’s tough not to be Bullishly biased.
The Day Ahead
Very much like yesterday, I’ll be seeking to play the likely DP test but keen to trade Long, with the now evident trend. Which comes first, is a great question and only time, Hotspots & Setups will tell.
High Impact News
Terrific Tuesday Team.