G’day Surfers – some great lessons yesterday, remember them well.
It was fairly obvious from the get go that Monday’s Market was going to be a fizzer. Liquidity was almost non-existent and therefore nothing was “on”. Our pattern alert system through “A” Signals never turns off however and a total of 6 setups presented throughout the session. For those who find it necessary to trade (even though the market was untradeable), the end result was a negative of 18 pips at very small stake, with 3 orders triggering – 2 losses/1gain. With only four M30 candles reaching 20 pips in range ALL DAY – it REALLY was a day for other pursuits.
With Price Action on Serapax yesterday, very little has changed except that what movement there was, created a lower low on intraday timeframes. An anticipated bounce off Daily Pivot didn’t transpire and was passed on to Weekly, where the bespoke occured, eventually returning Price Action to where the week began. Daily Pivot has moved all of 3 pips closer to Weekly and as yesterday, Price Action appears reluctant to stray too far from the pair. It goes without saying that no new trend lines were created yesterday but a recent high on M30 provides a Beta resistance line for us and we have a passable support line. What we REALLY need is some liquidity to get the market moving.
The Day Ahead
In a poor liquidity, sideways market, I would normally concentrate on some paperwork or look through the charts for some recurring patterns. Today however is different…………………………The Olympics may well be a good option! Until I see something resembling decent Price Action, my money is far safer in the bank. Should the market actually kick start, I will need some confirmation that the breakout is sustainable before entry but I have no idea if that will be Long or Short. The lower low might be the key??
Geoff Pyne | Certified SurfingThePips.com Trader
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