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04 OCT 2012 | Free Daily Analysis | EURUSD : SAME OLD SONG

G’day Surfers – Groundhog Day again!!

Yesterday’s Report

Once again, the market followed our instructions but refused to take us along for the brief ride. We spotted an early opportunity against our Bullish sentiment and Pivots, jumped onboard and to the pip, Price Action reached our first Take Profit before recoiling for its rendezvous with Daily Pivot. Depending on your broker, the A Signal produced a Break Even trade or a small donation. With a 60 pip range on a doji day, we ought not be surprised that 14 of the 24 H1 candles yesterday, tested 1.29088 and guess where we find it now ???  Price Action was to trading, as Kryptonite is to Superman.

Technical Analysis

The Bullish Pivot order survived the day but you could hardly get excited about what Price Action is delivering as we plunge deeper into consolidation, becoming congestion. Long tail candles are the order of the day and where they are – we shouldn’t be. When the market is travelling sideways – trading is a spectator sport and if you are partial to false breakouts, you must be on top of the World. Forced to disclose my sentiment I would side with the Bulls but with absoluteley no conviction.

The Day Ahead

You could probably count the amount of trades I take during NFP week per year, on one hand.  I have and will do nothing to change that this week and I’d be surprised to be enticed into the market today. StP regulars will know that should I see a nice setup, that sentiment will change and I’ll act accordingly. Take note however, that this is a Broker’s market and needs to be treated with a great deal of respect. Should we find an entry, it will be a confirmation of a break & TP1 at the earliest opportunity – it’s dangerous out there!

High Impact News

 

1:45pm EUR Minimum Bid Rate
2:30pm EUR
ECB Press Conference
2:30pm USD Unemployment Claims
8:00pm USD
FOMC Meeting Minutes
Davide Franceschini | Chief Trader and Founder at SurfingThePips.com
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