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
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