G’day Surfers – what a system we have!
Yesterday’s Report
Intraday charts yesterday were quite Bullish in the signals they were emanating via a continuum of higher highs & lows. Just like Monday however, our Pivots were counselling us that Longs, whilst not impossible, would be fraught with danger. Somewhat mischievously, we pounced on an opportunity to gain a free ride, should Price Action defy the Holy Pivots and test the higher resistance levels. Through our “A” signals, we were free trading pretty quickly once again but the bullish momentum found the resistance that our DR-1 Pivot provided, a huge challenge. By the letter of our exit strategy, this was the perfect exit point and certainly most of The Dream Team webinar participants sought their leave and banked a total of 20 pips. Their mentor was a little more mischievous, chancing his arm and donating the 20 pips back. At day’s end, another small range of 70 pips was experienced but a great lesson in combining the call of the Pivots and Exit points.
Technical Analysis
The slowing of the long term Bearish movement (I still can’t embellish it into a Bull run) has our Pivots backing up like the queue at Heathrow over the last few days. Barely 15 pips separate the lifeblood of our strategy, causing us a little claustrophobia, I freely admit. Seeking guidance from the higher time frames, I notice the potential for the confirmation of a false breakout short, of our long term Trend Line. This combined with the influence of multi inverted H/S patterns has me slightly in the Bull’s corner. There is a HUGE mess of Support & Resistance between Price Action and my Hotspots however so I really need a big broom to precede any entry that may ensue from any early exchanges. In short – no idea currently!
The Day Ahead
Having said that, with the aid of my crystal ball, I still have the very nice Resistance Trend line from yesterday that promised to catch a shark!! If Price Action can break through the massive resistance prior to this Hotspot, a well earned rest should rejuvenate the Bulls enough to “Go For Glory”.
High Impact News
| 2:30pm | USD | Core CPI m/m |
Happy Surfing,
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