Remaining true to your strategy is sometimes more difficult than others and when the crystal ball seems very focused, the difficulty is high. Yesterday was one of those times when PA tracked our analysis like a laser: http://clip2net.com/s/iXRRww yet there was no entry for our strategy. EUR/USD compiled a doji day exactly as we expected it might – but no payday! Rather than lament the “lock out” we choose to celebrate the vision which strengthens our resolve that our strategy is sound and prevents us from using discretion (a known account killer).
Remember yesterday? Well it’s almost identical, save for one major difference – DP is untested. PA has settled further into its consolidating ‘shell’ and the oversold sign is still swinging in the doorway. With the new month yet a week away and PA well below MS-2, we may have some more ranging to endure. This again makes me think that trading to and from top and bottom range levels is the way to go. At present – PA is dead centre!!
The Day Ahead
More range trading is my bias so I’ll be looking inside, rather than out!
High Impact News – CET
|10:00am||EUR||German Ifo Business Climate|
|4:00pm||USD||New Home Sales|
Wonderful Wednesday to you.