-The MKT has a slight negative bias in a difficult “choppy”
trade. On the SELL side DP BREAKOUT
strategies are valid but should expect a laborious trade. UP and UT1 FADE and REVERSAL strategies are
recommended but profit should be taken at initial targets. The probability is to the downside but is not
a day to press it.
-On the BUY side avoid UP BREAKOUT strategies but rather
FADE a negative reaction after a positive breakout signal at the DIR. DP REVERSAL strategies are recommended over
FADE strategies as “sloppy” trading conditions are expected. Any DP FADE trades should get confirmation
before executing. Position management
adjustments should be anticipated for all longs as sideways trading conditions can
quickly erase profits.
Today's PRICE MAP Performance for CD
- Today in the CANADIAN DOLLAR market we had an MC Value of 0 and a NEUTRAL DIGESTION market state. Our expectation as traders, is for a sideways choppy trading environment. The analyst has placed the R Level above the Critical Range indicating to traders that the opportunity is to the downside in today's session. Around 7:30 A.M. we are given the SELL DP BREAKOUT signal that our market commentary tells us to look for. Entering the market on the short side from this level proved profitable, as the market sold off through the DT1 and eventually found support at the minor level at 1.0030.
