We establish key points to monitor for the day. When the market follows, TAKE ACTION. A pullback failure to a key point can be viewed as another ACTION. Two Head and Shoulder variations, each continuing the bearish trend, provide a good read of the market. With positive trades last evening (see prior post) the day was cut short. The absence of a bank holiday in the Euro Zone promises to make tomorrow another excellent trade day.
But, as noted in the chat, when the market moves on news, traders need to understand who benefits and what is the purpose behind the move. Professionals will always enter at lower values before a next leg upward, or at higher values before a next leg down. For them to get that valued pricing, news is used to move the market.
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