OK…let’s get one more thing straight.
I do not play Golf.
I have played the game a few times…and just like most ”weekend warriors” do… we drive the Golf Carts around, have a few libations, and run people over.
I just thought another analogy would convince you of my wit and humor.
I know I know…it’s not working…
When I was considering the quiet and muted Market “hangover” from the Presidential Election, and the often-muted action we go into ahead of the Non-Farm Payroll Report each month…I thought of one of those days you hang around on the driving range of the course instead of shooting a full front or back Nine.
Our Daily chart of Fiber (EUR/USD) gives us a clear view of our massive downtrend, and I threw in some Fibonacci levels for reference.
(Click once for Captures)
I have some intraday support and resistance levels of this Range here that would be ideal to work in…
We may continue this type of Price Action as we move closer to Friday, so take a look. The “Outliers” also provide extreme areas of the sideways “Range” channel, providing for more potential opportunity to work in.
We have a day and-a-half worth of Hourly candles here, so let’s see if they play out.
Of course…we may get strong breakouts on either side and blowout the Range itself as well as the Outliers.
With the ECB Rate Decision eminent, this is certainly a possibility we must consider. But…it also reinforces our “muted and quiet” rangebound view for now.
Remember from a Post last week…I advocate always to be aware what the “other side of the fence” is doing…
Anything is possible, so look for a highly-probable opportunity with your risk tolerance in place here…you do not want to run yourself over with the Golf Cart! :-)
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