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13 Mar 2013 | Free Daily Analysis | EURUSD : COOL START, HOT FINISH, PIPS BANKED

G’day Surfers – more pips counter trend.

Yesterday’s Report

Price Action delivered a nice candle pattern in a risky position first up yesterday – we placed an order Long but reduced our risk to negligible, recognising the potential for loss – which occurred. We then received a signal that the consolidation break was about to happen in EITHER direction so we placed orders Long & Short. The Long order triggered and went to both targets in no time at all. With our stake increased, the M30 strategy made a nice profit. At the same time, a secret Surfing The Pips Candle Pattern arrived on our Swing & Relax Strategy and we were Long again. TP1 was banked and Stops moved to Break Even very quickly so our work done for the day – a relaxing afternoon & evening. EUR/USD selling later, prevented TP2 from being achieved but with pips in the bank on both strategies, we rested easily.

Technical Analysis

They are like two snakes enjoying the throws of spring passion are Daily & Weekly Pivots currently. Today, it’s Daily’s turn on top which is a mixed signal for us, when Monthly is patiently waiting above. Despite us taking some good pips from the market, yesterday really did nothing to give us clear direction so we find ourselves in a very similar position – UNSURE! The battle of 1.3030 continues and, like yesterday, if Price Action uses this level as Support(assisted by Daily & Weekly Pivots) the market should rise. The reverse is clearly the case, should Price Action break through the level and re-test it from below. The Bearish continuation Pattern on H4 (see yesterday’s DB:  http://clip2net.com/s/4JZKHy ) is still there, unlike its contrary M30 counterpart. For this reason, I’ve jumped straight off the Bulls back and onto the Bears today.

The Day Ahead

Three very clear Hotspots today so the mission is simple: find a Secret Surfing The Pips Candle Pattern at either – and bank some more pips. My bias will be anticipating a Short signal but either direction will suffice.

High Impact News

1:30pm USD Core Retail Sales m/m
USD Retail Sales m/m

Hoping Hump Day is a Happy One

Geoff Pyne  

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