Welcome along readers I do hope your trading is improving….
After our consecutive winning trades we had a quiet day Wednesday as the market struggled, and I didn’t blog Thursday as I got caught in a business meeting.
Context
The market is now falling on suggestions that Spain may not ask for a bail out until forced too. It will be watching Spanish bond pricing and especially the 10 year bonds closely as borrowing costs push towards unsustainable for the Spanish. At any time supportive news on the Spanish bailout could spike price otherwise I am expecting a slow day probably downwards day.
Technical Analysis
Monday always gives us an interesting pivot picture. Today the pivots ae converging as weekly Pivot has jumped up, and the daily pivot has continued down confirming the longer term bullish tone, and the shorter term momentum down. The battle between last week’s enthusiasm Spain would ask for a bailout shown to be slowly sliding away.
The zone between Daily pivot and weekly pivot, with a support/resistance level running through it is to tigher zone for us and we will stay out of it.
The Day Ahead –
We need to sit and wait for the market makers to come in and pick a direction here. We need to see some real direction and then a pullback to get in the pips today.
Bias- I think the market will slide down, and then spike up on Spanish bailout or bond news….
NO TRADE: I wont trade between Daily and Weekly pivot.
BEST Short entry; I need to see a move down and break of weekly pivot, with a pullback to gte an entry. I would take part off at DS1 and leave the rest for a return to 1.2908.
BEST Long Entry; WE could take the long entry now but it’s a bit early on a Monday morning, I want too see aggressive buying followed by a pullback. I am out at DR1 unless its spiking, in which case I am in until it stops.
No RED NEWS Today
If you have any questions you can submit them here or email me at paul@paulbotterill.com
All the best
PBT
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