The sideways drift I joked about this morning seems to have become the modus operandi of the entire session. And as I started to suspect a few hours in we don’t have to look very far for an explanation:
Quite a heaping platter of event risk we’ve got scheduled for tomorrow and I suggest you guys do like me – which is hunker down and wait it out. Not surprisingly we got very little on the setup front today:
AUD/USD may be worth a shot down here as it’s facing a stack of Net-Lines on the daily panel. I’m grabbing 1/4R here with a stop below 0.778. However if it’s not above 0.7814 by tomorrow morning I’ll cut out and run for the hills.
Corn – another experimental play and I’m applying the same approach. 1/4R right here with a stop below the lower 100-hour BB. Must be at 390 by tomorrow morning or I’m dropping it.
That’s pretty much it for me until tomorrow morning after 10:00am EST – keep it frosty and don’t get caught in the obligatory traps and tribulations preceding event periods. Keep your powder dry and live another day.
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