Its a messy looking day at the start of a choppy looking week

Hi Traders,

We didn’t get an entry on Thursday as choppy conditions continued….

Context
The market is now waiting for news out of Greece on the next payment of its bailout, Spain to see if it will ask for a bailout and America for Non-Farm Payrolls on Friday as the FED said QE3 was linked to employment numbers.

Technical Analysis
Our pivots really tell us the story today, it’s a new month and week and we see monthly and Weekly pivots heading in opposite directions. The Monthly pivot is rising showing the current trend is up, the weekly is falling showing the current momentum is down, and the daily sits between them, and between Thursday and Fridays DP’s. Its choppy, messy and uncertain out there right now.
The 4H chart remains bearish, with lower highs and lower lows, it does seem to be in phase 2 and looking to find a lower high at this point. .

The Day Ahead –  
Things still look range bound and choppy… It’s a messy looking day, in a messy looking week, reduce your risk and trade with care, or sit out until the picture is clearer.
Bias- My overall bias is still short, but the market is still pretty mixed at the moment.
 NO TRADE:  I’m not going long today.
BEST Short entry: I would like to see a sell off below Monthly pivot as a confirmation of direction, then a pullback to resistance and a lower high for a move short.

BEST Long Entry.. I will stay out of the longs today; in the next 70 pips up we need to break daily pivot, weekly pivot, short term support and long term support and no doubt a descending channel. It’s too much danger for me and could make for a very choppy rally.
Other entries..

RED NEWS
3:00pm USD ISM Manufacturing PMI
5:30pm USD Fed Chairman Bernanke Speaks

All the best
PBT

Spanish Budget, 2 words that go together kind of awkwardly these days

Hi
Those that waited for the pull back yesterday will have been rewarded with at least a small winner, and some may still have a percentage of their trade in the market.  Its okay to hold that position as long as price stays below 1.2895.

Context
The market is now watching Greece and Spain to see how their financial situations will play out. The Spanish budget is today and comes amid rumours of a receding economy, social unrest and rising borrowing costs. The formal request for a bailout does look inevitable. Meanwhile a national strike in Greece serves as a poignant reminder for the Spanish of what the conditions of such bail outs can do to your country. Shambles is the only word that comes to mind and downward pressure stays on the Euro. The slight danger today is price bouncing around during the budget, or some market stunning, unexpected announcement in the budget pushing the Euro up.

Technical Analysis
Daily pivot has moved down again and starting to approach over extension type levels at 1500 pips apart. While the set up is bearish the over extension should hold a brake to any move down. That said the fundamental stuff could test that.
Price has just high tested off the 100 ema on the 30 minute chart as it it did two days ago, and its another solid bearish indication.
The 4H chart remains bearish, but he test current test bar is a little short of both support and trendline, and does suggest we have room for a push up to a at least one of them .

The Day Ahead –  
Things could stay very choppy in the build up to and during the Spanish budget. Anything is dangerous when it’s as choppy as this. I am waiting to a break of Daily pivot, once I have price below DP I can again take longs off the table today as the breaking of DP, 1.2895. 1.2908 and the channel will take some major event. At that stage I can trade short, and watch the Spanish budget.
Bias- My overall bias is still short, but the market is still pretty mixed at the moment.
 NO TRADE: I’m not going long today without a break of the descending channel at about 1.2925.
BEST Short entry: Once we get under DP, I will be looking for a pulback and an entry still under DP.

BEST Long Entry.. I will stay out of the longs unless we see a break of the descending channels and a test from above..
Other entries..

RED NEWS
Tentative     EUR    Italian 10-y Bond Auction
1:30pm    USD    Core Durable Goods Orders m/m
1:30pm    USD     Unemployment Claims378K
3:00pm     USD     Pending Home Sales m/m

All the best
PBT

Spanish Budget, Rioting in the streets, looking diwn

Hi
Yesterday’s trade call short only activated in the early hours of this morning after a choppy day yesterday. Many of you will have missed but but for those who did get it, I hope you have locked in some profits and are hanging in for some more.

Context
The market is now watching Greece and Spain to see how their financial situations will play out. Will (when will) Spain ask for a bailout, and will Greece eventually decide to let go of the Euro. The market is nervous and the USD is strengthening a little as a safe haven. Not much has changed from yesterday. The market is waiting on the Spanish Budget and falling as the public riot before it.

Technical Analysis
Daily pivot has moved down and is below weekly pivot so I am a little bearish. We haven’t had a test of DP and with a couple of resistance lines in the way I would think it will take some form of news for us to back up that far.
The major change of the day is the aggressive break of 1.2908 and 1.2895. We have a lot of space down to 1.2677 and we will be looking fir a pullback and a chance to take that ride.
Yesterdays Doji did give us a nice lower high, but we now look ready for a consolidation, or retracement.

The Day Ahead –  
Things could stay very choppy in the build up to the Spanish budget. Anything is dangerous when its as choppy as this.
We have seen a support area broken with a big gap below it. We ae awaiting a pullback and a run short
Bias- My overall bias is still short, but the market is still pretty mixed at the moment.
 NO TRADE:
BEST Short entry: Wait for the bounce long here, then a price action reversal off something and we are in. Take some profit quick, get the stop to break even and leave some on the table for the big move. WE need the pullback to make this a quality trade, it will open up the space to DS2 and over extension.

BEST Long Entry.. I will give the longs a miss today, while they should happen it will be hard to know when. The best long would probably be the retracement here, but I’m not sure how long that will last.
Other entries..


RED NEWS
3:00pm     USD     New Home Sales
All the best
PBT

Its half time and we are waiting for play to resume

Hi
The market continues to drift around support and resistance levels making trading reasonably difficult.

Context
The market is now watching Greece and Spain to see how there financial situations will play out. Will (when) Spain ask for a bailout, and will Greece eventually decide to let go off the Euro. The market is nervous and the USD is strengthening a little as a safe haven. But really we ae in the half time break and are awaiting the restart of play.

Technical Analysis
Daily pivot has moved down and is below weekly pivot so I am a little bearish. Statistiaclly when Pivot moved the opposite way to price, is broken and then broken back in the direction of the pivot move (down today) price finished in that direction. So statistically we should finish below DP. If you like the break of DP was followed by a test of the 100 ema on the 30 minute chart and the return to the extension leg down.
We have a nice little Doji on the 4H chart making a lower high and confirming a short bias.

The Day Ahead –  
We seem to have a USD rally but its messy and fragile and it won’t take much to change it. As I write this the market is testing the 1.2910 support level, we could get a bounce here before another look down.
Bias- My overall bias is still short, but the market is still pretty mixed at the moment.
 NO TRADE:
BEST Short entry: Wait for the bounce here, then the reversal back and break of the support line and a test from below.
BEST Long Entry.. A price action reversal form this level would interest me, I would want the levl to hold, a tight stop and I would cash in half pretty early.
Other entries..

RED NEWS
2:00pm     EUR    ECB President Draghi Speaks
3:00pm     USD     CB Consumer Confidence

All the best
PBT

The first look down since intervention

Hi
While the market looked down yesterday it struggled to break all the required levels and bounced around a lot. The move short we were looking for yesterday has come during this morning’s Asian session instead. Its unusually consistent selling for the Asian session and it does does hint at what the market is expecting today.

Context
Potential European bond buying and US monetary policy easing are changing the financial picture. The Euro has rallied and is now consolidating and awaiting direction.  We are in the calm after months of major financial announcements and discussions and are now waiting as we digest the information and hopefully head back to a more normal trend. The next major news is likely to be Spain asking for a full bailout. You imagine that’s already partially priced in and could follow Spanish 10 Year bond pricing today. We are seeing the start of a USD rally with better than expected Housing news the first catalyst.

Technical Analysis
The daily pivot has moved down today and price has broken it travelling in the same direction. This is one of our favorite continuation patterns price is certainly continuing in the short direction. The Pivots are in bullish order but with the continuation break of DP and the support levels broken I am bearish today.

The Day Ahead –  
We seem to have a USD rally and it wull be interested to see how many wheels it has.
Bias- My overall bias is still short, but the market is still pretty mixed at he moment.
 NO TRADE:  Im not trading long today
BEST Short entry: I would like to see a pullback to yesterday’s low or weekly pivot and then a price action reversal short.

BEST Long Entry.. With out news I think moves up could be to choppy for me.
Other entries..

RED NEWS
10:30am   EUR    German Flash Manufacturing PMI
Tentative   EUR   Spanish 10-y Bond Auction
3:30pm…USD   Unemployment Claims
5:00pm   USD   Philly Fed Manufacturing Index

All the best
PBT

Price action is surrounded and may surrender

Hi

Well what a beautiful trade that was yesterday with our preferred short entry playing out exactly as illustrated. We had the break of the base of the descending triangle followed by a test of the base and trendline. We got a high test bar as price action confirmation to go short and price went straight, if slowly, down to our support line target. While everything we offer is educational in nature, anyone who took the trade should be about 2% up today.

Context
European bond buying and US monetary policy easing are changing the financial picture. The Euro has rallied and is now consolidating and awaiting direction.  We are in the calm after months of major financial announcements and discussions and are now waiting as we digest the information and hopefully head back to a more normal trend. The next major news is likely to be Spain asking for a full bailout. You imagine that’s already partially priced in.

Technical Analysis
While it’s great to see the DP pull back towards the weekly pivot and remove a little of the overextended picture the pivots are once again not the first thing my eyes are drawn to today.
The first thing I did was see the layered support and resistance levels below and above where price is and wonder how I can make any money today. Price action is surrounded and may surrender meakly today.
To go short price must break support at 1.3030, the weekly pivot and the round number of 1.3000. This seems a tough ask if slightly easier than the journey long where we have Daily Pivot, yesterday’s support 1.3090 and the recent 1.3110 level all in the way. With price recently wandering around aimlessly it’s hard to see it taking out multiple levels without some major news stimulus.
Our pivots remain in bullish order but the distance from monthly pivot to its cousins weekly and daily pivot is reaching danger level. We are a little over extended and longs must be watched because of this.
Still there has been no test of DP.

The Day Ahead –
I just cant see enough puff long to take out the levels and the levels are to close to make much trading between so no longs for me today. If we break the support area I would expect that we will go to WP and a break below that will have some alarms ringing on the rally, and some space to trade.
Bias- My overall bias is still short, but the market is the hands of the Bulls at the moment
 NO TRADE:  Im not trading long today
BEST Short entry: I would like to see a break of weekly pivot and a test of 1.3000 then a bounce back and test of WP. A price action lead short from there could be very interesting. Target 1 TS2, and Target 2 DS3.

BEST Long Entry.. With out news I think moves up could be to choppy for me.

Other entries..
RED NEWS
3:30pm USD Building Permits
5:00pm USD Existing Home Sales

All the best
PBT

One of our favoured set ups, against a back drop of over extension

Hi

I am guessing yesterday will have resulted in mixed trading results for our followers.  With us not getting a price action reversal of our support level and not making Daily pivot many of you won’t have traded. For those that entered on the price action reversal and got in around 1.3101 price went directly to our take profit 1 area.

Today looks like more of the same as the market fights between the desire to push up based on the fundamental changes brought by the ECB and the FED, but also fights the feeling of over extension. I expect there may be a good entry in either directions today.

Context
European bond buying and US easing monetary policy are changing the financial picture. The Euro is rallying and for now we must respect that picture however uneasy it makes us feel.. We are in the calm after months of major financial announcements and discussions and are now waiting as we digest the information and hopefully head back to a more normal trend. The next major news is likely to be Spain asking for a full bailout. You imagine that’s already partially priced in.

Technical Analysis
The first thing I notice on the charts today is not the pivots but the descending triangle with the base being tested again at this point, a break of this would provide some momentum short. The 4Hour charts also look a little double toppish.

Our pivots remain in bullish order but the distance from monthly pivot to its cousins weekly and daily pivot is reaching danger level. We are a little over extended and longs must be watched because of this. Price action and Daily pivot are set up in our favorite way. Daily pivot has lifted and if price tests it, it will do so heading in the same direction. Over extension or not we will look for a long entry here.
Once again on Monday we didn’t see a test of DP.

The Day Ahead –
We need to trust the technical set ups. If daily pivot is tested we can look for a long of it, (and in fact even a price action reversal if we want to) remember to tuck your stop behind the parallel support level if you enter this.  If the base of the descending triangle is broken we can trade the retracement short. The two best entries wont appear at the same time and we may get a look at both during the day.
Bias- My overall bias is still short, but the market is the hands of the Bulls at the moment
 NO TRADE:
BEST Short entry: Break of the base of the descending Triangle, the safe entry is to wait for a retest around the trendline, the more aggressive is to enter on the break.
BEST Long Entry.. The success rate when price breaks the pivot travelling in the same direction as the pivot is massive. Its good enough I will ignore the over extension and get in the move. I would like a higher high and low before if I can get it. Stop below support, 2/3rds off at DR 1 and maybe give the rest a bit of a run.

Other entries..  We could look for a reversal bar off DP, and trade the bottom of it short. It would be a great entry if it does reverse from there.

RED NEWS
12:00pm EUR German ZEW Economic Sentiment

All the best
PBT

Same same but different

Hi

Well it’s a Monday morning and its same, same but different.

Its different because it’s a Monday morning following a week where The ECB actually did something to support the Euro, Big Ben and the Fed launched QE3 and on Friday the EUR/USD continued the strong rally after these events. It’s the same because we need to start our trading week watching and seeing what the big players are going to do. Let them confirm a direction and then join in. It looks like a promising week...

Context
European bond buying and US easing monetary policy are changing the financial picture. The Euro is rallying and for now we must respect that picture however uneasy it makes us feel..

Technical Analysis
WE have a lovely pivot set up with price above Daily pivot, which is nicely above weekly pivot. We are bullish for now.
On Friday we didn’t see a test of DP and while tests are regular, the non-testing days come in runs and often bring big moves.

The Day Ahead –  
We need to trust the technical set ups and look for longs
Bias- My overall bias is still short, but the market is the hands of the Bulls at the moment
 NO TRADE:
BEST Short entry: I won’t be looking for a short today
BEST Long Entry.. I am looking for a pullback to support and a price action entry. I will take half my position off at 1.3160 and the rest could stay for the ride.

Other entries..  If we get a test of Daily pivot, I will wait for a bounce and then a pullback to enter long.

All the best
PBT

The Big Fish are feeding, and we don't want to be confused as food

Hi

I am sorry to do a repeat on yesterday but with Fed minutes expected late today and a strong expectation of QE3, we need to hang out of the markets again today.

This is the time where the big fish are feeding and we need to stay out of way so we aren’t confused with food.
We expect next week to return to normal trading conditions…

Context
Major news like this always poses traders the same basic challenges. In this case the market is pricing in that there is likely to be Quantitive Easing 3 announced today. If they are right there is still likely to be a further push up. However the real fireworks occur when the news doesn’t meet expectations and the market has to adjust to the news. In this case the move down could be drastic and instant.
The real risk to traders is that news isn’t absorbed in total at once. So rulings etc are read and every word is traded instantly. So in this instance the first paragraph may be positive, Euro pops up entering traders longs, next paragraph is seen as negative, the EURO drops, hitting the stops and then the body of the news is positive. So traders who had long positions lose while picking the right direction.
In the future I will trade such an event live in front of you and explain the strategies to do so.

Technical Analysis
We do look set up long with a test of 1.2940, and 1.3000 likely if its good news.

The Day Ahead –
We have got ourselves in the right position Tuesdays  winner,  so we will hold our money be patient and see if we get a chance latter in the day.
Bias- My overall bias is still short, but I need to wait for some evidence.
 NO TRADE:  WE wont trade today before the news
BEST Short entry:
BEST Long Entry..
Other entries..

All the best
PBT

Major News days.. what you need to know

Hi

Our long trade played well yesterday with the pullback to daily pivot, a reversal and price quickly up to 1.2800. Depending on stops I would have expected it to be around a 1% gain for us, with a little extra for anyone who scaled out of the trade.

I will be watching the markets until after the German Constitutional court ruling on the European Stability Mechanism today. I won’t post a blog before this as its once again major news and we shouldn’t trade into major news. If after the announcement the market settles I may post  an update

Context
Major news like this always poses traders the same basic challenges. In this case the market is pricing in that there is no problem to the ECB from the news. If they are right there is still likely to be a further push up. However the real fireworks occur when the news doesn’t meet expectations and the market has to adjust to the news. In this case the move down could be drastic and instant.
The real risk to traders is that news isn’t absorbed in total at once. So rulings etc are read and every word is traded instantly. So in this instance the first paragraph ay be positive, Euro pops up entering traders longs, next paragraph is seen as negative, the EURO drops, hitting the stops and then the body of the news is positive. So traders ho had long positions lose while picking the right direction.
In the future I will trade such an event live in front of you and explain the strategies to do so.

Technical Analysis
We do look set up long with a test of 1.2940, and 1.3000 likely if its good news.

The Day Ahead –  
We have got ourselves in the right position with yesterday’s winner, so we will hold our money be patient and see if we get a chance latter in the day.
Bias- My overall bias is still short, but I need to wait for some evidence.
 NO TRADE:  WE wont trade today before the news
BEST Short entry:
BEST Long Entry..
Other entries..

News Today
9:00am     EUR     German Constitutional Court Ruling
All Day     EUR     Dutch Parliamentary Election

All the best
PBT

Its a bit like watching a Cricket Test Match

Hi
I am sorry that I didn’t manage to get a blog up yesterday. It was a quiet day and we didn’t miss much.
When i was growing up i used to watch Test Match Cricket and people always used to ask be how i could watch something so slow. I didn't realise at the time i was preparing for my future career as watching the EUR/USD between news announcements has far less action than a Cricket Test Match (especially when New Zealand are batting) and the patience learnt there is now important to capital preservation here.

Context
Once again the market sits and awaits the next major news. That news is the German Constitutional Court decision on the legality of European Stability Mechanism tomorrow, and the FOMC meeting on Thursday where there is again talk of QE3 being announced.
The market is likely to stay with in quite a tight range while it awaits thosse decisions.

Technical Analysis
Daily pivot is above weekly pivot which is above Monthly pivot so we have a nice Bullish set up. Today price has already tested DP travelling in the same direction as DP.
The 4 H Chart is still putting in higher highs and higher lows. The pullback does leave some room on the long side for a good entry.
We have broken the long term bearish channel line and have some momentum up..

The Day Ahead –
Bias- My overall bias is still short, but I need to wait for some evidence.
 NO TRADE:
BEST Short entry: We need to see more convincing selling followed by a pullback preferably to Daily Pivot, then a price action entry targeting Daily Support 1 1.2740.
BEST Long Entry.. I prefer the long today, again we first need some convincing buying, followed by a pullback and a price action trigger. We will be targeting 1.2800.

Other entries.. That all we have today, we expect to be in a tight range and only want to trade the best entries.

News Today
1:30pm USD Trade Balance

All the best
PBT

Lets enjoy a couple of days off....

Hi

I guess I have to start with an apology for yesterday’s error. The short trade really should have had DS2 as a target in a market as choppy and messy as this. The support level was a bridge to far and what should have been a small winner turned into a loser. I simply missed the level, live when price hit it I knew I had got it wrong, but it was too late for the blog. This is a frustrating part of trading.

Context
Today the market sits and waits for the announcement of ECB chairman Draghi.. Some think Draghi will announce unlimited bond buying to lower borrowing costs for Italy and Spain (although he doesn’t appear to have the funds for that), others think he will announce nothing of interest. And that’s the problem. We are all guessing and his announcement could have a major impact on the currency 200-300 pips either way is very likely for an extreme announcement or lack of it.
Its pretty simple for us. Today the institutions will be establishing positions based on their predictions which will make the market choppy, the news could make the market volatile. We are out for today and with NFP tomorrow we are out for tomorrow.

Technical Analysis
Daily pivot is back above weekly pivot which is bullish, but we have potentially our bets pivot set up. Daily Pivot has moved down and price could potentially cross it heading down… but alas not today for us….
The 4H chart has still failed to put in a higher high and gave us our first warning of a loss of upwards momentum. It is now waiting for news.
We are also reversing of the long term channel line. The news will decide if hat line is broken and this long run down is over, or if we bounce and the EUR heads down, possible way down.

The Day Ahead –
We are out today. It makes yesterdays error all the more frustrating, we should be resting with profits and peice of mind. Trading has no mercy on errors.

Bias- My overall bias is still short, but I need to wait for some evidence.
 NO TRADE:
BEST Short entry:
BEST Long Entry..
Other entries


All the best
PBT

Something just feels wrong, are the inmates running the continent again

Hi

Congratulations to those that took yesterday’s trade. It was a high probability trade with close enough to a 1-1 risk reward ratio. Those are the kinds of trades you want to take. Its great to start the week with a win and especially important when the week looks like this one. While 1% does not appear a lot its well over 50% a year in real terms so even the small winners need to be enjoyed.
Today we will see a similar set up and explain a different approach..

Context
I am not a true fundamentalist, and in honesty i lost a bit of respect for bankers when none of them new what 'Sub Prime' meant (that's another days blog). I know enough to read and understand whats going on and importantly to understand how one thing might affects the next. All I really do with fundamentals is watch out for the thing that stands out as wrong. Sometimes you just can’t miss them and today SOMETHING IS WRONG.... So ECB chairman Draghi (No less) comes out and says bond buying of countries can’t be considered aid. That stands out for three reasons 1/Why would he say it? he is basically giving away tomorrows speech. 2/Its completely wrong 3/The market reacted the wrong way. If you throw in the fourth factor that Europe has been mismanaged by a bunch of incompetents for some time and you are left wondering…  whats up pussy cat?

If the market believed Draghi was preempting tomorrow’s speech the Euro would be well up… the Euro has fallen so what’s it about. I suspect distancing tomorrow’s announcement from aid is aimed to let governments off the hook who have said to voters they wont fund aid.. But more importantly it looks to me an effort to get tomorrow’s announcement to survive a losing vote the following week for the ESM in the German constitutional court. (Please note i havent researched this link). If it is this brings up two major things… the ECB think it’s at least likely the German court will decide against the ESM, and they are still dumb enough to believe they can structure around such decisions.

Now like I said I am no expert on fundamentals but in the unlikely event any of the above is correct we are in for 1 heck of a week or so…. We can expect some really choppy price action and a major move down if the market feels the ECB lacks credibility. If this is there plan they do....

Technical Analysis
To many the technical picture will look similar to yesterday but there is a crucial difference. WE now have Daily Pivot above weekly pivot, and price below weekly pivot. The price action is confused and the test of DP we were so use of yesterday is not as probable today.
The 4H chart failed to put in a higher high yesterday and gave us our first warning of a loss of upwards momentum.
We are also reversing of the long term channel line.

The Day Ahead –
Really we should stay out today, we are up, have a major announcement tomorrow and potentially an either range bound or choppy market.
The pair is especially vulnerable to surprise news for the next week or so and still needs some caution.
Bias- My overall bias is still short, but I need to wait for some evidence.
 NO TRADE:  
BEST Short entry: Break of the recent low down to long term support at 1.2485. you may need to be in soon.
BEST Long Entry. I think any longs may be to aggressive to trade and based on a follow up statement from the ECB. To trade long I would need price back above daily pivot and then pulling back for a test.

Other entries
If price breaks 1.2480 we may be able to push in an aggressive entry and have a decent ride. Its unlikely but is the kind of move you need to be experienced to trade and been to trade live (always with a stop)

No Major Due News Today
All the best
PBT

Quality opportunities in a small ranging market

Hi

Im sorry we had no Blog yesterday, a combination of the US bank holiday, and a broken ferry bringing me back from my weekend. It was a good thing with little happening and a daily range of around 50 which always makes it hard to make a little money.
It was great to go well past 5000 page views last week, thanks again for your continued viewing of the page.

Context
Much was expected and little delivered in Fed Chairman Bernanke’s speech at Jackson hole on Friday. The market will now look to Thursday when ECB president Draghi is expected to announce a debt buying program to keep the cost of borrowing for Spain and Italy down followed by Fridays Non-Farm payroll and next week’s German constitutional  court decision as to the legitimacy of European Stability Mechanism. The fundamental picture suggests more tight daily ranges and some choppy price action.

Technical Analysis
The new month has started with the pivots in a nice bearish formation. We have daily above weekly, and in turn weekly above monthly. The short term bias is long.
The 4H chart is showing higher highs and higher lows. The current high is yet to be established and needs to be watched closely.

The Day Ahead –
We will want to enter the market cautiously as we see what volume returns after the long weekend in the US. With daily ranges so long we need to pick out the best opportunities and leave the est. Today we may get a couple of quality opportunities.
The pair is especially vulnerable to surprise news for the next week or so and still needs some caution.
Bias- My overall bias is still short, but I need to wait for some evidence.

 NO TRADE:
BEST Short entry: WE know the Euro tests the pivot about 80% of the time as such the first trade I will look for is the break of the recent low down to the pivot, with a stop above the recent high. It will be close to a 1-1 trade.

BEST Long Entry. The best long trade would see a break of the daily pivot short, then a break back up and through with a test of the DP from above. This would enable a tight stop and a target of R! or todays previous high.

Other entries
If price breaks the DP and tests from below  with a price action trigger this would create a short entry. Our alternate long entry is a break of the recent highs, a pullback to support and a price action trigger long.

News Today
3:00pm USD ISM Manufacturing PMI

All the best
PBT