G’day Surfers – it’s a yawn fest!
They took their sweet time about it but finally, the Bulls wrestled control of the market confirming our suspicions that Price was not ready to continue the Crash. We attempted to trade our Plan which called for a false break of the Support Trendline we had, prior to a rally. Our entry was ignored and timed out. So slowly was the market moving, that our second order of the day also timed out before Price Action went through our Long, entry point. Those who chose not to cancel were presented with a 1st Take Profit but not a second as some selling forced a Break Even Trade. The Bulls finally broke out of the range late in the day, but not very far.
Our Pivots remain very Bearish but the oversold scenario has NOT been eliminated. Price Action is above an untested Daily Pivot so again, we are receiving mixed signals. The strong Support of our Daily Critical Zone (1.3033) has produced a bounce, but it’s not so exciting yet. I’m prepared to give the Bulls a little more time to overpower the Bears but I would like to see some spirited buying to get Price focused on the Major Confluence #1, 100 pips to the North.
The Day Ahead
With that scenario in mind, I have a couple of Hotspots in waiting and will favour the false break of the Support Hotspot #2, using Daily Pivot as Support. That’s Plan A – let’s hope it’s all we need to get the pips in the Bank.
High Impact News
|2:30pm||USD||Prelim GDP q/q|
Have a Thoroughly Thankful Thursday.