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The Trader Advantage: Tight Ranges Hold Support On Risk
Excerpts taken from The Trader Advantage Program
Crude Oil inventory missed there mark, 1.4M printed instead of the 4M expected, and in doing so pushed equities and oil higher, and the dollar lower. The timing is now in question in regard to follow through, as European markets close. The latest forex spikes could be the highs of the session, and we will look for reversals.
The global equity and commodity 4 Hour chart reads show Long, but overbought trends that will likely hold currencies in their daily ranges.
Small trading ranges and declining ATRs usually appear around indecision points, where the market tests the strength of the current trend. More often than not, the market forms near-term swing points in these areas, something that might happen over the upcoming period. The dollar index looks slightly overbought, while the major currencies are unable to push any lower, despite the renewed pressure.
This could led to volatile movement that expends intra-day energy without actually getting anywhere in the short term, with the cad and the aussie most exposed to Usd strength is the S/P fails to break and hold 1145 and crude oil cannot get through $82.50.
Forex Momentum Times: 8-9pm, 2-3am, 6-7am EST. Outside of these, look to manage existing positions or look for 25 pip Swing Point trades that may lead to bigger moves when momentum hits (see Pair Analysis). As traders, we all have to battle the desire to jump in. Successful traders control that desire. Be professional, and set an anchor that uses 4 Hour chart signals (see above) that then allow a drop into the lower time frame Swing Point charts to time an entry.
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