- The MKT has a firm tone and as long as the integrity of the previous session low remains intact, look for excuses to get long. On the SELL side UP FADE strategies are valid but profit targets and risk management should be tight. REVERSAL strategies should be applied only at the UP and +c after an exhaustive signal. Use DP BREAKOUT strategies as a signal to FADE a positive reaction against the DIR. Only until the MKT breaks the positive structure are sell signals an opportunity.
- On the BUY side BREAKOUT, FADE and REVERSAL are recommended as the MKT is bid and all buy signals are valid opportunity. If stopped out at or near the low tic of a reaction and the MKT is not following through to the downside, look to re-enter using the recent squeeze low as a stop. If the MKT breaks structure, de-leverage and be more selective as the likelihood of a sideways trade is high.
Today's PRICE MAP Performance for CD
- These are the days that traders using the JS Services Price Map dream of! Today in the CANADIAN DOLLAR market, we had an MC Value of +5 and a BULL TREND Market State. Traders coming into todays trading session are looking to get long from any major level above the R Level. The early morning session showed some digestion above the DIR from 2 - 3 A.M., which allowed traders to get in the market at the DIR with a BUY DIR FADE strategy. The market steadily moved higher, maintaining positive structure, and eventually crossed the UP just after 5 A.M. This presented an opportunity for traders to add to their longs or, if they had missed the first opportunity, enter the market with a BUY UP BREAKOUT strategy. The market traded up to the UT1, where it met resistance. After a minor correction back to the minor level at 1.0117, the market rallied sharply all the way up to the UT2 presenting an excellent place to realize profits. This huge move in the CANADIAN DOLLAR could have translated to huge profits for those traders utilizing JS Services Strategy Based Trading.
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