Price Action (PA) was Bullish as expected but offered us no way to ride the wave until it was close to “breaking”. We saw a Short setup early in UK Session but PA ignored our invitation, preferring to follow Asia’s lead Long. Our only opportunity to join in, came shortly before News which failed to move the market. Those who kept or re-entered the order were rewarded with a first Take Profit but not much more, in a Break Even trade.
The Resistance Trendline #1 broken with our Long entry candle yesterday, has all but been re-tested, as has Daily Pivot (DP) – almost! The confluence of this pair seems a great place for the Bulls to pounce and Pivots support the Long theory. Adding the Support Trendline #2 to the “meeting place” tells me a “real” test of DP is on the agenda. This is undoubtedly the Hotspot of the day and should determine the next direction.
The Day Ahead
Despite my Bullish bias, I do feel that if PA finds its way below DP, the still open gap #3, may want to close. A signal at THE Hotspot is my focus.
High Impact News – CET
|4:00pm||USD||Pending Home Sales m/m|
Great Thursday everyone.