EUR/USD setup Short, in line with my analysis yesterday but the order I placed on M30 failed to trigger prior to Red News. Under our rules, I cancelled the order but I know some ‘naughty’ traders with a stronger risk appetite chose to trade through the news and were rewarded with a Free Trade, when the post news selling began. Surprisingly however, PA reversed some 10 pips above an untested DP, only to find the top of the M30 Channel/Flag I had highlighted earlier. Typical boring Monday really.
If the now broken ‘major flag’ from last week is to be re-tested, it may happen quickly, as a major confluence #1 (DCZ 1.2775, Resistance Trendline and Flag bottom) stands invitingly, some 70 pips above PA. DP has been tested and despite drawing close to WP, still leads a Bearish Pivot formation. So, I’m a little of two minds: Short Term, Long but Long Term, Short!! PA will need to point me but I won’t be thinking Long for an extended period, in fact I’m almost over it already!
The Day Ahead
Mixed signals can be frustrating but also liberating. I’m prepared to be ‘liberated’ in either direction but favouring Shorts – PA, it’s over to you.
High Impact News – CET
|1:30pm||USD||Core Durable Goods Orders m/m|
|3:00pm||USD||CB Consumer Confidence|
Terrific Tuesday all.
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