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11 July 2013 | Free Daily Analysis | EURUSD : PIPS OR MEGAPIPS ?

G’day Surfers – like WOOOOWW

Yesterday’s Report

In light of Asia session early today, what happened yesterday seems somewhat insignificant. However, a consolidating market broke free of it’s shackles, taking us with it, on what was to be the pre-cursor of a major Tsunami to the North. As we entered the market Long on a classic Surfing The Pips Secret Candle Pattern, our wildest dreams could not have predicted the breakout to end some 375pips later. I confess my exit was way before then but those who free traded the Bernanke Speech could have banked anywhere up to 115 of those pips – GREAT TRADE!

Technical Analysis

So UN-technical was the incredible surge during Asia Session, our charts (and the market) will take time to adjust. Two things are for certain – PULLBACK is ESSENTIAL and the Three Black Sisters have been overruled! With a combined untested Daily/Weekly Pivot nearly 200 pips from Price Action (PA) – it’s inconceivable for me to consider a Long entry. Certainly the Pivotal pair should act as a magnet to PA but such is the strength of this Bullish movement, it’s tough to trade against it.

The Day Ahead

With a good haul of pips this week already and an AMAZING market reversal to come to terms with, I REALLY believe my work is done and the safe trade today – is no trade at all. That said, I may consider playing the pullback, IF a AAA setup appears.

High Impact News – C.E.T.

2:30pm USD Unemployment Claims

Take it easy risking the week’s gains – but have a great day.

Geoff Pyne  
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