G’day Surfers – slow start to trading 2013 style!
A less than spectacular start to our trading year as EUR/USD stalled, made a quick move South & stalled again. We saw the move coming but caught the false start instead of the pips. Price Action refused to move for the majority of the day – the 50 pip charge using only an 1.5hrs of the day’s trading.
It’s not perfect but I’m seeing a continuation flag pattern forming on intraday charts and it’s almost turning me Bearish. When I combine this with the quadruple top at our long term Support/Resistance level of 1.3285 – there’s good reason to abandon the Bulls. The support trendline emanating from July last year appears the biggest Support hurdle for Price Action which appears to have bounced nicely off yesterday’s key level of 1.3115. Daily Pivot has been tested and Pivots are technically mixed but showing a Bearish tilt.
The Day Ahead
I’m more than interested in Price Action around my long term Resistance Trendline today. It’s seen lots of activity from both North & South recently. Let’s not forget we are in the early days of 2013 yet so the big boys are probably still getting back from vacation. If liquidity does appear, it’s this Trendline that is my key level today – a break either way, could be significant. Favouring Shorts and setting a couple of Hotspots to catch some pips.
High Impact News
Willing you a Wonderful Wednesday
Buongiorno Surfers – il trading del 2013 ha un inizio piuttosto lento!
Un inizio decisamente poco spettacolare per l’inizio del nostro anno di trading a causa della poca liquidità su EUR/USD. Ci siamo resi conto dell’arrivo del movimento ribassista ma siamo riusciti a catturare la falsa-rottura invece dei pips. Il Price Action non si è proprio mosso per la maggior parte del giorno – il carico dei 50 pip ha preso solo un’ora e mezza dell’intera giornata di trading.