G’day Surfers, back to “NORMAL”?
Despite multiple attempts, Price Action simply couldn’t rise to the occasion yesterday. We once again managed to find 3 entries, the first producing a TP1 of +8 & TP2 of +16 for a 24 pip total (traded live in our Webinar) & the second failing to trigger (fortunately) prior to the High Impact Preliminary GDP numbers out of the States. Our strategy forbids us to trade around High Impact News and that order was cancelled. The post news slide of EURO mean’t Order #3 also failed to trigger. What a superb exit we took on trade #1 (as always at 1st resistance) and 2 pips short of the day’s high. Upon reflection; that we squeezed 24 pips going Long yesterday speaks volumes for our strategy. At day’s end – a range of 54 pips, with 35 pips Open to Close…………and we made 24???
No real change to yesterday technically as you would expect with such a small range. The one exception to that is Price Action dipped below Daily Pivot during US Session but the serve came screaming back over the net with some spirited buying during today’s late Asia Session. What happens next is crucial to the short term prospects of the cross. If buying continues into London Session we should see recent highs under siege. Price Action yesterday failed to take out Tuesday’s high, presenting us with meaningful lower highs & lows, setting up a very mixed scenario for today. Not forgetting the still Bullish order of our Pivots. Market movement is minimal despite today’s lead in, with seemingly the entire trading fraternity on hold for Big Ben’s Bulletin on Friday and it’s this environment that will most likely dominate proceedings today. As my favourite Robot would put it: DANGER Will Robinson, DANGER !!
The Day Ahead
My cue is poised to go in the rack as I smell the uncertainty of a low volume market begging me for the pips I’ve managed to usurp from it’s clutches this week. In a week where I don’t need to remove my shoes & socks to count the number of M30 candles greater than 20 pips, I consider my work all but done. To put my pips at risk today, I need to see some liquidity and I’m not sure we will get it. In the event I receive a pleasant surprise and the market does move, my Hotspots will require AAA setups & early TP1’s will be critical.
High Impact News
|Tentative||EUR||Italian 10-y Bond Auction|
Have a great day guys