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03 OCT 2012 | Free Daily Analysis | EURUSD : PERFECT PICTURE IN OVERTIME

G’day Surfers – we asked, Price Action delivered but way too slowly.

Yesterday’s Report

We wouldn’t have been holding our breaths, but EUR/USD performed exactly to our script by creating a false breakout of our Resistance Trendline/Channel top but it took all day & half the night to do it. Trading M30 Charts, that makes it impossible for us to trade the setup. Unless of course, you have some sort of affliction to a nice warm bed and a good night’s sleep. Asia Session consolidation gave way to a stop/start rally of some 87 pips (spiking at 1.2967) before price action remembered that Daily Pivot remained untested and old faithful 1.29088 was showing signs of loneliness. Back half of US Session produced the down leg of the false breakout and the Secret Surfing The Pips Candle Pattern appeared shortly after (so the timeline tells me – as I was sleeping). Hopefully those who were able, traded our Play of the Day & banked both take profits and 31 pips.

Technical Analysis

As I wrote yesterday’s DB, Price Action was hovering around 1.2900 and doing it’s daily exercise regime (push ups to 1.29088). Today, Price Action is hovering around 1.2900 but this morning’s exercise appears to be squats – just up & down on the spot. Again we have an untested Daily Pivot but in contrast to yesterday, it’s ABOVE price action. The BIG difference however is that Daily has crossed Weekly to produce a perfect Bullish scenario so finally, I have a clear sentiment. Price Action has reached the support Trendline we were looking to play a Short off yesterday and it’s here again, that our immediate focus goes.

The Day Ahead

With my new found Bullish sentiment, I will be favouring Long setups which will be in contrast to yesterday’s observation that EURO is lacking a firm base to launch it’s next big rally. That observation remains intact so I’m certainly NOT ruling out Shorts and will accept the Judge’s verdict & trade whichever setup presents at my Hotspots. Plan A is to play a false break of my now very reliable Intraday Support Trendline, targeting daily Pivot.

High Impact News

 

2:15pm USD ADP Non-Farm Employment Change
4:00pm USD
ISM Non-Manufacturing PMI

Enjoy your trading day

Davide Franceschini | Chief Trader and Founder at SurfingThePips.com
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