GBP puts in its range on a news sentiment day, then moves back to where it started yesterday.
News has been mostly negative to begin the week – especially out of Europe. After the market digested the ZEW sentiment, it consolidated before making an abrupt plunge downward after Dr. Bernanke began his comments. With a stop placed above the structure high and our targets set, we were rewarded.
Note the first move as the UK opens is often a fake one, as to what the trend direction for the session will be or is merely to attract breakout traders. The lower highs on pullbacks reveal clues to the true session trend. Once the breakout traders have been whipsawed and the ZEW news is out of the way, a low risk entry is available.
Great trading everyone.
Questions are welcomed.