We spotted an opportunity to trade the break of consolidation and were taken into a Short, looking for a test of our older Support Trendline TS1 & DS-1. A very ill timed comment out of Germany created a spike in the opposite direction, after we had taken our first profit. Our amended stops were taken with the momentum change and we took a break even trade. Targets were hit not long after – very unlucky not to get the full result!

The pullback we called for earlier in the week has delivered three tests of our Support Trendline TS1 & some lower Highs. With higher Lows still forming, it’s still premature to be thinking reversal. Price Action appears to be settling into consolidation – potentially awaiting upcoming News. Pivots are still mixed giving us no clear direction. I believe there’s more pullback to be had here so I’m a little bit Short term Bearish in the knowledge that our reliable Resistance Trendline TR1 is yet to be re-tested after the break nine days ago. Definitely Medium/Long Term Bullish however.

Despite seeing TR1 as a definite target, Shorting EUR/USD is a tough assignment without reversal confirmation. I’ll rely on what I see at my Hotspots rather than what I think but it will need to be very good to get me Short.

Day 1

EUR

EU Economic Summit

1:45

EUR

Minimum Bid Rate

USD

Unemployment Claims

—

Hope your Thursday is full of fun & good fortune.

Geoff Pyne  

CERTIFIED TRADER

We spotted an opportunity to trade the break of consolidation and were taken into a Short, looking for a test of our older Support Trendline TS1 & DS-1. A very ill timed comment out of Germany created a spike in the opposite direction, after we had taken our first profit. Our amended stops were taken with the momentum change and we took a break even trade. Targets were hit not long after – very unlucky not to get the full result!

The pullback we called for earlier in the week has delivered three tests of our Support Trendline TS1 & some lower Highs. With higher Lows still forming, it’s still premature to be thinking reversal. Price Action appears to be settling into consolidation – potentially awaiting upcoming News. Pivots are still mixed giving us no clear direction. I believe there’s more pullback to be had here so I’m a little bit Short term Bearish in the knowledge that our reliable Resistance Trendline TR1 is yet to be re-tested after the break nine days ago. Definitely Medium/Long Term Bullish however.

Despite seeing TR1 as a definite target, Shorting EUR/USD is a tough assignment without reversal confirmation. I’ll rely on what I see at my Hotspots rather than what I think but it will need to be very good to get me Short.

Day 1

EUR

EU Economic Summit

1:45

EUR

Minimum Bid Rate

USD

Unemployment Claims

—

Hope your Thursday is full of fun & good fortune.

Geoff Pyne  

CERTIFIED TRADER