-The market has produced a positive signal against underlying negative momentum. The sentiment bias R Level at the upper Critical Range extreme UP [UPSIDE PIVOT] is an indication that the positive signal is suspect and is expected to “exhaust” at the UP R Level. This price inflection point represents a “hard” lid to the corrective signal. If the market is indeed going to revert to a soft sideways trade it will reject here. A BREAKOUT however will confirm the positive signal and is expected to provide a “pop” into a higher trade the UT1 [UPSIDE TARGET #!] the minimum target. Don’t fight positive structure above the R Level as it does have the potential to be the start of a transitional trade north. SELL FADE opportunities against the UP R are a better opportunity than a REVERSAL as this level is expected to maintain its integrity if the trade is going to sour. Initiate sales sooner than later on any negative momentum shift as the NEUTRAL nature of the trade state will limit any extended TREND move.
Today's PRICE MAP Performance for GBPUSD
Wrap Up
-Today's move was presented to us early in the session. There was a small pop around 3 A.M. which failed from the DIR setting up a "Sell DIR Fade" strategy. The price fell off sharply, rebounding off of the DP, and eventually breaching the DP around 5 A.M. From here we saw a reaction back to the DP, and the rest of the day took on a gradual advance back toward the DIR.
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