Hey Traders,
This week has had a slow start with everyone complaining the low volatility making things too boring. There is some news from the Fed coming out this session that the market is hanging for, so volatility should be just around the corner.
As a price action trader I am not too worried about the news, I response accordingly to the price movements on the chart itself. One chart in particular that I am watching right now is the New Zealand/U.S. dollar (NZD/USD) daily chart.
The situation here is quite clear, the market is locked in a strong range. Price is now approaching the upper containment line of the range, where we can see has caused strong sell offs each time the market has recently tested it.
I will be waiting for a price action signal to create a high reward selling opportunity at this proven level. I am sure most traders out there will be looking to sell the range top also, so keep a sharp eye out for those sell signals.
Cheers to your trading success.
