BRITISH POUND

Today's MARKET STATE SOYBEANS **NEUTRAL POSITIVE TRANSITION**


- Technically the MKT is vulnerable to the offer. On the SELL side accept all BREAKOUT, FADE and REVERSAL signals. The MKT is on edge and any negative signal, especially below the previous session high, is an opportunity. Anticipate a price "zone" around a major resistance point to FADE. Have a plan and be ready. If your stop gets hit and the MKT does not immediately follow through, consider re-entering, even doubling up if there is structure to define low risk.
- On the BUY side REVERSAL strategies can be executed off of major support levels but preferably after an emotional sell off. This is an aggressive strategy and any profits should be realized at the previous support failure points. Avoid DP FADE BUYS even with confirmation, as this is more likely a plateau for a BREAKOUT SELL strategy. UP BREAKOUT strategies are not recommended but do have a better chance of succeeding than a DP FADE.

Today's PRICE MAP Performance for BP

Wrap Up

A perfect day to short the BRITISH POUND from our "resistance zone" as the market traded to within a few ticks of the KEY INFLECTION PIVOT for the session before the sharp sell off.  Around 6:30 am CT the market gave traders the first entry signal with a SELL R FADE strategy from the optimal entry point at the 1.5138 R LEVEL.  For traders that missed this signal, another SELL opportunity was presented just after 8 am CT with a SELL UP REVERSAL after the market REVERSED back into the Critical Range.  After retesting the UP for one final time at 9 am CT, the market collapsed down through the DIR and eventually closed at the lower end of the Critical Range between the 1.5044 minor level and the Downside Pivot (DP).  By identifying the RESISTANCE ZONE from the UP-R, JS Traders were able to short the BP from the highs of the session and capitalize on the big sell off.