Both strategies took small hits yesterday as EUR/USD settled deeper into consolidation through nervous PA. The market was visibly edgy as it attempted to find direction – and failed. As did our two attempts to trade breakouts. M30 strategy was first to stumble, our 2nd attempt at entry being triggered Long by a pip, prior to PA doing an about face and taking our stops. Our S&R strategy suffered a similarly swift exit at the hands of post news selling. Both orders were alert to the danger and traded at minimum stake so whilst taking hits, we restricted the damage to resume the battle today.
The see sawing nature of PA delivered a 52 pip range and 19 pip EURO appreciation and we face today in a very similar fashion to the previous two – without direction and in the middle of a range. So despite DP being tested and a Bullish Pivot formation – there’s still the question of the Double Top – take your pick!
The Day Ahead
I’ll be completely reliant on MEANINGFUL PA at our Hotspots to guide me. No bias at all.
High Impact News – CET
|3:00pm||USD||New Home Sales|
Wonderful Wednesday all.