Jan 102013



The bulls had high expectations this morning for some good news from ECB rate announcement (7:45am EST), Jobless Claims (*:30am EST), or Draghi’s press conference (8:30am EST).  They camped out a few ticks below the multi-year highs, waiting for the opportunity break out of the 6 day consolidation.  But alas… the ECB didn’t change their rate and the claims went up 10K over expectations.  Draghi did provide a little spark with a comment about the ECB was not thinking about exiting.  The bulls tried to use the comment to send price into an up trend but could only take out a few stops above the previous highs.  Soon after the cash market opened, price could not retake the multi-year highs.  Unfortunately, there were not enough sellers to create an order flow entry.  However the next attempt up did show the institutions selling and created today’s example trade opportunity.

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