Trade Strategy 8.06.13 “Summertime Slowdown”

Price continues to trade in a relatively narrow range with continued low volumes and volatility. There is historical evidence that summertime is particularly slow, so just accept this fact and remained focused on trade setups that Mr. Market offers.

The key upper marker remains 1705.00 which is now the two (2) Day High. Penetration above and a hold of this level targets 1710.00 – 12 zone. Failure to breakout should continue to attract selling. Prior Day Low (PDL) 1698.75 is initial support and is also the lower edge of 3D CPZ. Violation and hold of this level traps recent buyers and may create additional selling down to the 2D Low at 1695.75. Break of this lower level could create additional long liquidation.

Unless price breaks through these markers, we can continue to anticipate more of the same narrow range with low volumes…Be Prepared!

Good Trading…David

Habitude Nine
I will identify my mistakes and learn from them. I am optimistic, realistic and honest. I will not make up stories about the good or bad things that occurred in the past or are happening now. I admit when something is not working. My optimism gives me faith and courage. I will not fall prey to blame and fear.

Leave a Reply