Opening Play and Daily Tradesheet for Tues 5/6

5-5-2014 4-33-57 PMCommentary:Good Morning Traders!

Three bar “balance” has formed in the Russell……will this lead to an early breakout in front of ECB on Thursday?   DAX closed on its highs on Monday but is still in the middle of a  broader trading range.

The AD had an upside breakout in the overnight session on RBA rate statement. The Dollar broke major support and can form continuation patterns to the downside. Bunds –  144.64 was a previous swing high for the bunds – a close back below this will confirm an upside Bull Trap and lead to lower levels – perhaps the lower end of the past 20 day range.

HOGS – daily osc on a Buy  signal.

Have a great trading week!

Linda

Tradesheet from snagit