- Technically the MKT is in play after producing a big positive signal. On the SELL side REVERSAL strategies can be executed off the UP and +c. Expectations should be for an immediate exhaustive turn with the MKT quickly moving away from the area. Avoid SELL UP FADE strategies even with confirmation. SELL DP BREAKOUT strategies are not recommended but can be used as a signal for a FADE against the DIR.
- On the BUY side accept FADE, REVERSAL and BREAKOUT strategies above the previous session's low point. UP BREAKOUT strategies should just "go", so do not risk much. Be wary of these strategies early in the session and look to exit on the 1st break in structure. BUY DP FADE strategies are recommended over REVERSAL strategies as the MKT is expected to hold higher structure and any failure should be considered a potential negative corrective shift high.
Today's PRICE MAP Performance for SF
- Although we didn't get the powerful upside rally that we were looking for in a BULL TREND ACCELERATION Market State, there was still opportunity for profits in the AUSTRALIAN DOLLAR. As the market sold off during the overnight session, it provided traders with a prime opportunity to get long the market from the optimal entry point, the R Level. The BUY R FADE strategy could have been executed at either 6 am or 7:30 am, with the expectation of upside follow through. As it played out, the market was only able to rally up to the DIR before putting in an intraday double top around the 1.1030 level, signalling traders to take profits on their long positions.
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