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04 April 2013 | Free Daily Analysis | EURUSD : ANALYSIS: AWESOME /TIMING: AWFUL

G’day Surfers – it’s true: you CAN’T beat time with a stick!

Yesterday’s Report

Like it read our Daily Brief, Price Action proceeded to Daily Pivot and on to DR-1 as the result of some, at times, spirited buying yesterday. There were two opportunities for our strategy to ride with it, EXCEPT for the timing of both. As if Daylight Savings was the catalyst, the rally began at our Support Hotspot BEFORE London Open and therefore left without us. The second invitation came just before RED NEWS so again, we were rendered spectators as our forecast unfolded before us. This is simply part and parcel of maintaining discipline and we accept that we will not be invited to every “Pip Party” – there are always more tomorrow.

Technical Analysis

Unlike the previous two days, Daily Pivot has been tested so our bias is not as clear today. EXACTLY like the previous two days, EUR/USD is range bound and apparently awaiting for NEWS to make the break. As we suggested yesterday, that can be advantageous when Pivot Zig Zag is being played. With Daily Pivot TAGGED rather than ZIG ZAGGED and the mixed nature of earlier in the week still present, I really have NO BIAS at all. The multitude of possible Trendlines & therefore Hotspots today http://clip2net.com/s/4RlbFT is screaming NO DIRECTION.

The Day Ahead

With that thought comes the need for caution and trading small stakes on ONLY good setups. Ironically, such a setup presented a little earlier so not wishing to miss the early train two days running, we have decided to include “PRE-London” (with caveats) into our trading schedule and therefore have a small stake Long Order to start the ball rolling today – details in Today’s FREE WEBINAR.

High Impact News

10:45pm EUR Minimum Bid Rate
11:30pm EUR ECB Press Conference
USD Unemployment Claims

This Thursday needs Thorough Thought – take care.

Geoff Pyne  

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