ForexSpirit

As slow as the market was today, I think my brain was slower. I just couldn’t get it out of first gear. But not to worry, neither did the market.

I don’t think I’ve seen a quieter open to the week in quite a while. Which made it pretty easy to decide on what approach I was going to take: play the range extremes all the way.

The only thing I had to be mindful of was getting caught the wrong side of a strong breakout if the market decided now was the time to get a trend going. With no new economic data due for the remainder of the NY session I felt the chance of any surprises occurring to be pretty low.

Bias: range
Conviction: strong

I decided to play the 1.4450 support level and 1.4470 resistance.

For the first 30 minutes I was waiting for price to come down and test the 1.4450 support. I think my fixation on waiting for a touch of that level coupled with my muggy brain meant I realized too late that a great breakout failure had occurred at 6:35 EDT. My lack of anticipation meant that I was tardy to the party. Rather than chase the move I just let it go and tried to spot the next opportunity.

I waited for the up move that I missed to reach the resistance level at 1.4468 where I had a short limit order lying in wait. It took a while for price to revert back into the range. I exited with just over 6 pips of profit when the push through 1.4464 stalled. Time was a ticking (it was just into the 7:00 EDT hour) otherwise I might have held it for a bit longer.