G’day Surfers – It’s beginning to look a lot like Christmas!
You’ll recall that we were looking for a pullback off the day’s high, before the Bullish continuation. Price Action responded in part, but to use yesterday’s analogy: Major Tom forgot to take his “Proton Pill” and the assault on the Resistance levels didn’t come to pass. The message failed to be transmitted to our Pattern detector which alerted us to a Secret Candle Pattern (slightly out of context) suggesting Major Tom was “fully loaded” and set to fly. A very tight entry caught some (broker specific) and spared others, from a tiny 14 pip deficit at small stake. Certainly not putting our positive week under threat and we can enjoy our weekend safe in the knowledge that our accounts have been fattened once again.
Yesterday’s consolidation did nothing to display continuation or reversal signals but last week’s high (1.31260) still has “Test Me” written all over it. As per yesterday, the strong Resistance through 1.3115 – 1.3126 will take some breaking – how’s the Proton Pill supply going??
The Day Ahead
Domestic duties for me – mowing the lawn, vacuuming the pool etc……wow, it’s enough to make a bloke thirsty – maybe a couple of beers!
Have a great weekend everyone and remember that with only ten days to Christmas and with the infamous “Fiscal Cliff” looming large:
Christmas is the time when kids tell Santa what they want and adults pay for it. Deficits are when adults tell government what they want and their kids pay for it.
Guess what? We made profit & nice pips yesterday. Yes, nice beginning of the month for our accounts. As you can see from the image attached (BEFORE/AFTER) our analysis was perfect at the pip once again. We also made a video about the trade we placed yesterday and the “Pre-ABC” concept. Check it out here.
Pivots are now in perfect bullish set-up, but, as you can see from the chart attached, Daily Pivot has not been tested for 2 days in a row, and we know very well that this is very uncommon and against probability. We are in a classical NLNS situation. No Long No Short. No Long because I need D-P to be tested before going long, otherwise I’m going against the odds. No Short because the sentiment (pivots) is still bullish. Price action is finding resistance on a level which was support last weeks (check chart). This level and the support level below are the crucial levels of the day.The Day Ahead
I will wait for a pull-back at D-P (without trading the movement from here to D-P). Once price will hit the level I will look for reason to buy. Check the Play of the Day. If I will see a bearish SurfingThePips.com Secret Pattern below the support trend line I will give a small hit to a short as well.
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