G’day Surfers – they hit reverse gear half way home!
Interesting day to say the least as PA exploded Short (taking us with it) after forming a beautiful Secret STP Candle Pattern. Our Swing & Relax order was Free Trading in a heartbeat and stops were at entry, not long after. PA made it half way to target, found Support in Weekly.Monthly Pivot and bunked in for the rest of the day. Asia session buying today has taken PA back to entry and closed us out for a small winner.
Stalling half way to the bottom of the current range (1.3450) has confused the issue somewhat and it’s tough to determine what will happen next. Fortunately, we rely on our Pivots and Trendlines to trade, rather than a crystal ball and whilst they have closed, the Pivots remain Bullish. A Bullish signal at a Hotspot will therefore see us Long.The combined Support PA found at WP/MP may well be enough to push PA back to 1.3700, thereby breaking the descending channel (Continuation Flag) re-inforcing a Long bias.
The Day Ahead
Though not compulsory – I’d like to see a re-test of DP before looking Long.
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Have a great day.
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