G’day surfers – it’s tough, but profitable – if patient.
Just four H1 EUR/USD candles, produced a body bigger than twelve pips yesterday and as many as seven, could be described as Dojis. That makes trading hard going, but not impossible. With patience an absolute key, we managed to hit our target again, when another Secret Surfing The Pips Candle Pattern invited us to trade the test of Daily Pivot (DP). We had to wait nearly 3.5hrs to be taken into the market but once in, the target came effortlessly. Price Action (PA) was once again loyal to our “script” (Daily Brief) and launched an 80 pip rally.
This time last year, 1.3300 seemed a very long way off but EUR/USD, with very little fuss, has clawed it’s way above that level and can now clearly see the 2013 High (albeit a distant 400 pips away). That certainly isn’t on today’s agenda despite our Pivots pointing in that direction. A re-test of 1.3285 (nestled just below DP) and bounce, looks a distinct possibility however. The 128 pips gap between DP/WP now comes under notice and whilst not alarming, needs to be watched. The German Court Ruling should be announced today and has the potential to change everything. Still Bullish but with caveats.
The Day Ahead
I would be more than pleased for PA to repeat yesterday’s performance and test DR-1, prior to inviting us on the return journey to DP. At this stage however, I have NO Hotspot to accommodate that scenario – in fact Hotspots are missing in action! It would be nice to know when the Court Ruling will be announced to avoid trading at that time – proceed with caution.
High Impact News
|Day 2||EUR||German Constitutional Court Ruling|
Wonderful Wednesday everyone.