If not the date, the market is telling me it’s NFP week – lots of yo-yoing going on and consolidation is the name of the game. As expected, price action returned to the bullish channel and is once again, suspended mid-stream. Our sentiment can only be bullish, given the alignment of the pivots and the added strength of the bullish movement, gained by the false breakout of yesterday.
The only hotspot I see for the London Session is the resistance trendline that was born, once again, at last Friday’s high. I will be looking for StP setups off this line, where lies hotspot #1.
Guys you can’t help but see the snake that appears every NFP week – it’s a serpent of reliability and for this reason, we must expect that the market will rise and fall in a definite range. Like all this week, we begin our trading day in the middle of the snakes twists & turns but we have lines to work with so let’s use them.
Bullish with caution is my creed for the day.
Have a great trading day,
Geoff | Certified SurfingThePips.com Trader