G’day Surfers – last trading day of our week and not much has changed since the market opened on Monday. We have been expecting price action to remain in a tight trading range and that’s precisely what has occurred (all Daily candles closed within a 100 pip band). As we prepare for our final webinar of the week, we can reflect on the education we have enjoyed, especially regarding trading during these consolidation periods. That we managed to bank 28 pips of this 100 pip range is grand testimony to the StP Strategy.
We were unlucky not to add to our total for the week, recognising a beautiful acceleration point yesterday, that took us into the market and provided us with a first level profit. The nature of this tight market is such that we didn’t reach our second target but once again, we kept our capital safe. That the market turned and fell 65 pips costing us nothing, reinforces the importance and success of our trade management policies.
The big picture today is very much as it was yesterday. We are looking for price action to test the bottom of our Bullish Channel from below, having found a double bottom at our long standing level of strong support. The strength of the bounce off this level, will determine whether or not our Long Area is revisited (where we will look for our unique, unbiased setups) or if the market would rather visit 1.3100 than 1.3200.
Our pivots are out of order, so mixed signals from them but I’m hearing the Monthly & Weekly Pivots whispering an invitation the Daily to “party”. That gives me a slightly bullish sentiment but we trade only our setups where our analysis tells us – not what we THINK might happen or what we WANT to occur. So our analysis is showing us the market continues to lack trend, with trading lines difficult to find. We have TWO hotspots waiting for price action, the second difficult to trade long but we’ll see. We lay in wait to see if the market comes to play.
Happy Surfing everyone and have a great long weekend.
Geoff
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