Wednesday 5th February

Good morning to everybody, and a fine morning at that..

A couple of  trades available yesterday.One buy which I posted and there was an additional sell later on with a retracement back toward the long term ema which began at around 3pm.
It's worth noting than when there are ema's below acting as guardians, the price action is always a little erratic and seldom particularly fruitful. Always be cautious of what is immediately below and what is immediately above your price.

This morning poses a small problem right now. We have a very confused chart.

We're looking at a green above red signifying immediate strength, red below blue telling us the short term is down and then a blue above lilac advising us that the longer term picture is still up.
We also have a price that resides below the PP so it's coffee time.

Personally I am favouring the upside. I don't want to sell into a 4hr 20ema if it breaks below 9.840, so I will casually wait for the price to cross above the pivot, possibly to MR1 at 9.880 where we will most likely see some consolidation with an eventual cross of red back above blue.

IF that set-up becomes more apparant then I will post again