Thursday Morning Briefing
The volatile market conditions over the past two weeks have greatly diminished by appetite for taking short term setups. What we have seen especially on the Forex side borders the spasmodic and the more difficult/random the conditions the less I participate. No sense in forcing the issue as it’s not a matter of skill or experience. After all you wouldn’t take off in a Piper in the midst of a hailstorm either, right? So let’s apply the same common sense to navigating the tape.
AUD/JPY – I looked at this chart for quite a while after it caught my initial attention. What I like on a short term basis is that it’s not too busy blasting off in the opposite direction out of the blue. The daily context is mixed in that we’ve been trapped in a pretty nasty sideways range for over a month now – very much representative of the current market conditions. I am long here 1/4R with a stop below 92.45 for the off chance that it manages to break above that daily NLBL at 93.03.
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