-Technically the MKT is “on the fence” with the potential to
go in either direction or nowhere. Pick
your points and have no expectations, as the likelihood of this MKT trading
sideways is high.
- On the SELL side BREAKOUT, FADE and REVERSAL strategies are
valid, however profit and position risk management should be aggressive and
anticipated. The pivotal nature of the session
does have the potential to be in the starting point for a new move. However, the probability of any trend action
is more likely to just be the MKT defining its new consolidation extreme.
- On the BUY side BREAKOUT, FADE and REVERSAL strategies are
valid, however profit and risk management should be aggressive and
anticipated. The MKT is “on the fence”
and does have the potential to be the beginning of a new trend move. The probability of a new trend move is
low. However, any price trend action is
more likely to just be the MKT defining its new consolidation extremes.
Today's PRICE MAP Performance for BP
- Today in the British Pound, we have a NEUTRAL DIGESTION market state with an MC value of -2. With the R Level at the UP, we have a confluence of signals telling us to accept sell signals below the R Level. Just before 2:00 AM we get an opportunity to execute a SELL UP FADE strategy from our R Level. With the expectation that trading for the session will stay within the Critical Range, this is the highest risk/reward trade for the session. The profit respected the R Level at the UP beautifully and sold off sharply throughout the morning session. After digesting at the DIR around 6:00 AM, the market continued lower to the end of our Critical Range where it eventually found support at our DP.
