Markets had high expectations of a weekend deal between lawmakers which has not materialized…I guess it was “to good to be true”. As such overnight trade has price down 13 handles anticipating a gap down pit session open.
Markets completed a very nice bullish cycle on Friday and today begins a new 3-day cycle which typically has some embedded weakness…Markets will look to establish a new low tick on which to build on as the cycle unfolds. Average historical range for today: 18.75 handles.
Today’s Central Pivot Zone (CPZ) is 1687 – 1691.00 which should offer some resistance. If weakness seen in overnight action continues into the pit session where there is greater participation and liquidity, lower levels of interest are 1678, 1671 – 74 zone. Below this zone and price is vulnerable down to 1662 – 65 zone. Above the CPZ is PDH 1699.50…Penetration of this level targets 1705 – 08 zone.
I am at ease with controlled risk. I will risk and I will win. I am courageous. I will take a chance. I manage risk to my comfort level. Risk keeps me on my toes, keeps me alert and at the top of my game.