Despite our strategy isolating two great Hotspots and acceleration points yesterday, we could manage only two Break Even Trades as PA refused to get into 2nd gear and go for a run. It’s been a feature of the market for sometime now so our patience is being tested. If you sat in front of the charts from Asia open to mid NY session (about 15hrs) you had 56 pips to play with. If you have a life – you had far less than that and mostly indecisive candles. It’s a pretty flat surf but the swell will return.
Though it refused to follow through yesterday, PA did form a new low (albeit by a little more than 1 pip) that most will view as a Double Bottom or perhaps a triple, given the preceding Low was a further pip higher than yesterday’s. Pivots are Bearish, DP has been all but tested (again a single pip the difference) and there remains a dead market. With the Support Trendline #1 we mentioned yesterday still unbroken, the Bulls remain in the game. The giant is well overdue to wake from his slumber so don’t nod off – action may well begin when least expected and I am expecting little!
The Day Ahead
Long above the Trendline – Short below it!
High Impact News
Not a thing.
Wakey, Wakey Wednesday.