The Pattern Trapper Market Update Blog is a companion piece to the FREE! Daily Pattern Signals Report.
For maximum benefit be sure to check out the On-Line Course.
The March British Pound contract has fired 2 Day ROC Buy, 90-10 High Continuation & Reversal, and Momentum Pinball Sell signals for today's trading. The 2 Day ROC Buy signal implies that today's principal trade direction should be to the upside. The 90-10 High Continuation & Reversal signal is telling us to look for morning follow through on the strong close, but to expect a likely reversal once the initial move has topped. The Momentum Pinball Sell signal suggests that IF the first hour's low happens to be broken, the market is telling us something completely different than originally assessed, and we'd want to consider a short position. Cycle Indicators (chart at right) appear as if a short term cyclical low has just been marked, and both the larger and more immediate trends are to higher prices. Odds favor continued upside in today's early trading. Look for an opportunity to buy the break of yesterday's 1.6164 high, or even earlier if price can demonstrate strength above 1.6104 level of the Daily Pivot. But stand prepared to exit or even reverse if we get appropriate price reversal patterns and/or Oscillator Divergence near important resistance levels. Our Normal High Range Projection level of 1.6231 or the Extended High Range Projection level of 1.6294 would be likely areas for such a reversal to take place, as would be a test and failure of yesterday's high. Several other currency futures contract have fired comparable signals and can be traded in very similar fashion.
Forward this to friends and colleagues! Disclaimer: trading involves significant risk and is not suitable for everyone.