- Technically the MKT is in neutral but has produced a positive signal. On the SELL side DIR and DP BREAKOUT strategies are aggressive. If the MKT digests prior to making a negative move, it is more likely a squeeze on the longs to FADE. UP SELL FADE strategies are aggressive as well and if they are going to work, should do so on the initial test of resistance. SELL REVERSAL strategies are recommended off the UP only. The probability is to the upside today so don't get stubborn selling strength.
- On the BUY side accept FADE, BREAKOUT and REVERSAL strategies off major inflection points. UP BUY BREAKOUT strategies should just "go" and not look back, so keep risk parameters tight. DIR FADE strategies after a positive breakout signal are good opportunities as well, but expectation should be for the MKT to quickly move back above violated resistance. If the trade just "hangs around", it is likely a signal that more digestive action is coming and a retest of support should be expected.
Today's PRICE MAP Performance for EU
- The EURO CURRENCY had produced a positive signal for today's trading session and the probability is to the upside. Our market commentary tells us that if a BUY UP BREAKOUT trade presents itself, our expectation is for it to just "go" and not look back. After respecting the UP around 1:45 A.M. the market makes a second attempt at the UP, this time trading through it and giving us our BUY UP BREAKOUT strategy. Our expectation is for this trade to just "go" and indeed it did. The market rallied sharply up to the minor level, digested for a bit between the UT1 and minor level, and then eventually continued to move higher. The "second wind" rally took the market all the way up to our price target, the UT2, and gave traders the opportunity to take profits on their long positions.
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