With Daily & Weekly Pivots in close proximity, it was reasonable to conclude that Price Action wouldn’t be too far away yesterday. From the Open, there was only one place the market was heading – to Daily Pivot (DP). No invitation was offered us to trade the gravitational pull however. We did spot an opportunity to enter Long but this was only going to be the case after the DP Test so no entry. The late mini rally ensured a 32 pip open to close variance, in a 71 pip range that offered nil trading opportunities.
PA failed to break back above the former Support Trendline (Flag bottom) yet hasn’t been repelled far from it. DP has crept back above Weekly, producing a “trendless” scenario and a tough directional read. With Higher Lo’s and Lower Hi’s on intraday charts, our Hotspots are all important and I’ll look to them to provide breakouts and the new trend.
The Day Ahead
I am without bias so happy to trade either way today. Clear Hotspots make that a reasonably uncomplicated equation – roll on an StP Secret Candle Pattern.
High Impact News – CET
|11:00am||GBP||Inflation Report Hearings|
|4:00pm||USD||CB Consumer Confidence|
Terrific Tuesday everyone.