Another busy day for US traders with several key items of economic news, starting with retail sales and followed by the monthly PMI data. Whilst retail sales came in better than expected, the PMI services and manufacturing data came in worse than the forecast. However what was interesting here, was the classification given on the economic calendar, with a level three rating for both. In other words of low relevance. This was odd to say the least, and any trader who simply took this at face value would have paid the price, as the markets initially rose on retail sales, only to fall on the PMI data, which is a significant release, and not as suggested of minor importance. So a game of two halves in every sense of the word.
Once again during the session, it was over to the scalping charts for some price action and volume price analysis lessons using the 15 second timeframe, which delivered some great trading opportunities, for those traders who enjoy the cut and thrust of fast trades.
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