The Market us now waiting...

Hi

Yesterday we didn't get the short entry we were looking for as price climbed before bouncing around the resistance levels as we had suggested it might do. Some days we are better not to trade and, for me, yesterday was one of them

Context
The market is now waiting for news out of Greece on the next payment of its bailout funds, Credit agencies to see if they will further downgrade Spain’s ratings, which may push Spain to ask for an ECB  bailout. And America for its 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, the daily pivot remains lodged between the weekly and monthly pivot and if anything has made a small step down towards the middle between the other two.  Its settled  in an indecisive area. I do note that Daily pivot has dropped, and price is above DP, statistically its likely if DP is tested it will break and run.
The 4H chart remains bearish, with lower highs and lower lows, but the latest bars are hardly decisive
.
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:  The area between DP and resistance at 1.2908 is too congested for me and I won’t trade in that area today.
BEST Short entry: I would be prepared to enter on the break of DP, with a tight stop loss and look for a high reward to risk trade. If I got this I would remove part of the trade at MP.

BEST Long Entry.. Price is breaking resistance, and I will look for a pullback to it, or the trendline and a price action reversal long
Other entries..

NO RED NEWS Today

All the best
PBT