- The MKT is on the offer and pressing into the lower
extreme. On the SELL side accept UP REVERSAL strategies over FADES, expecting
more of a trendless trading environment rather than a new negative trend move.
Avoid DP BREAKOUT strategies but rather FADE into a positive reaction after a
negative breakdown signal against the DIR. The MKT is extended and will have
trouble sustaining any new weakness. Use aggressive position management and
anticipate potential early exit points to reduce profit give-back.
- On the BUY side DP FADE and REVERSAL strategies are
qualified, however the FADE is a lower probability and should use tight risk
criteria. DP and DT1 REVERSALS can risk more but should also go for more profit
with the expectation of the MKT putting in a short term turning point signal.
UP BREAKOUT strategies are aggressive and should just "go" and not
look back. Risk less; use aggressive position management and conservative
profit limits.
Today's PRICE MAP Performance for SF
- The SWISS FRANC has produced a NEUTRAL NEGATIVE EXTREME Market State with an MC Value of -3, telling the trader that the market is pressing into the lower extremes. The R Level at the UP represents the "Breaking Point" for the negative bias for the day. The market churned around the DIR in the early morning session, then began to rally just after 3 AM. The market continued to maintain POSITIVE STRUCTURE (higher lows and higher highs) through the morning session and presented a BUY UP BREAKOUT trade around 6 AM. The R Level at the UP adds confirmation to this trade because it has not only been creating positive structure throughout the morning, but the BREAKOUT from the UP also negates the negative bias that was represented by the "breaking point" at the R. From here, our Market State expectation is for the trade to "just go" and the trader should exercise "conservative profit limits". Given the state of the market, the UT1 is a solid expectation for profit taking, and this target was achieved at 9 AM.
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