Price looks to be consolidating within an upwards wedge to a resistance which price had rejected from several times yesterday.
Non-farm payroll is due at pre-market open (15 minutes from now) and that could cause a substantial move.
No clear picture just yet - will definitely need to see the result of NFP release before creating any ideas.
NFP did cause a reaction but Market Open completely reversed it and took it back to UK Open prices.
The drop was so sharp that I expect that there was some sort of liquidity gap and there may be further orders needing to be filled at the consolidation.
The Tail Bar at Support/UK Open was not enough to indicate a reversal and so I waited for additional confirmation. I am long after the larger Tail Bar/Engulf Candle.
I need to be mindful of the 1hr Resistance directly above.
Price did indeed begin to reject from the resistance so I was out for Break Even.
Price came back to the support again. Price briefly consolidated at this support (which I like to see) and within this consolidation there was a 1-2-3 formation.
The pop up form consolidation was convincing and I entered once the consolidation's high was broken.
However, somehow I managed to overlook the main downtrend. I don't know if I would have shorted into that support but I feel as though I should have waited for the downtrend to be absolutely cancelled before considering any longs.
Today, I feel as though I completely misread the market. I was heavily distracted once more by my 9-5 and also personal life circumstances (which I'll cover in the recap).
Despite a choppy week this week, August has been quite successful and rather positive. But you can see simply from the quality of analysis how things started to trail off in the final week.
I love my kids, but I'm so thankful that this week is the final week of the summer break - back to school next week!!! Their cousin was visiting and there was illness throughout, resulting in poor sleep and sluggishness.
Hoping to feel refreshed and much more patient and clear-thinking come Wednesday next week.