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01 May 2014 | Free Forex Analysis | EURUSD : FORTUNE FAVOURS THE BRAVE

DB 0105 H1
DB 0105 H4

G’day Surfers – Fundamentally ‘floored’.

Yesterday’s Report

 

Only the brave were able to take advantage of a Secret Surfing The Pips Secret Candle Pattern that spotted the 100 pip surge yesterday. Red News is something we don’t mess with on M30 Trades so officially, we were nailed to the floor of the dreary range, while EUR/USD shot to the roof as a curious reaction to a ‘negative’ news number. Those who forgot to cancel our Long order (or defiantly ignored the News trading rule) were well rewarded for their bravery/defiance!

Technical Analysis

 

As Europe holidays, EUR/USD sits once again, at the top of the now 102 pip range on NFP Eve, above an untested DP. The above recipe suggests (very strongly) to me that a feast of consolidation and/or pullback will be served to us today. I will find it difficult to trade Long under these conditions despite the now well overdue inevitability of a breakout and the strength buyers displayed yesterday. Similar to the previous 3 days this week, I believe there are pips to be made inside the range, rather than outside!

The Day Ahead

 

As always – I’ll trade what I see but if it means trading outside the the range – the stake will be very small. DP Test should be Plan A.

High Impact News – CET

2:30pm USD Fed Chair Yellen Speaks
USD Unemployment Claims
4:00pm USD ISM Manufacturing PMI

Have a great Thursday.

Geoff Pyne  

CERTIFIED TRADER

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