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09 May 2013 | Free Daily Analysis | EURUSD : PIPS FOR THE WISE

G’day Surfers – how did you rate on the “Wisdom Scale” ?

Yesterday’s Report

Plenty of action for us yesterday but some tricky maneuvering required to get some pips. We placed a Short order in our Live Trading Room AND a Long when the very next candle produced a second Surfing The Pips Secret Candle Pattern . In the Live Trading Room, we decided to cancel the Short, which proved a wise decision. The Long produced a quick TP1 and for those who opted to close at first Resistance rather than wait for full profit, the prize was pips in the bank. Personally, it was a Break Even Trade that later – went easily to target. We entered a Swing & Relax trade Long on GBP/JPY and received TP1, without TP2 for a  break Even result.

Technical Analysis

Whilst all that was transpiring, EUR/USD appears to have broken free of the Range bounded by our Daily Critical Zones (DCZ’s) 1.3030/1.3115, dragging Daily Pivot (DP) with it, across Weekly. This provides us with a Bullish direction as EUR/USD strives for another new High. The presence of an imperfect Descending Triangle #1, combined with an untested DP, would suggest some more pullback, prior to that occurring.

The Day Ahead

The combined magnetic force of Daily & Weekly Pivot has me thinking DP test is imminent. I believe that once tested however, the Pivot Combo could provide sufficient Support, to propel Price Action towards the sought after new High.

We have nice Hotspots – let’s hope for nice setups to match.


High Impact News
2:30pm USD Unemployment Claims

Have a great Thursday.

Geoff Pyne  

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