G’day Surfers – we’re banking again.
Yesterday’s Report
Asia started selling EUR/USD immediately yesterday & one wave at a time, the sell off continued. The ONLY opportunity for us to join in, came an hour before we clocked on, with a small yet effective, Secret Surfing The Pips Candle Pattern. Over to our Swing & Relax Strategy (S&R) which setup nicely for a Long on EUR/JPY. That trade triggered overnight, hitting TP1 which has now been banked, with stops @ BE. Nice to have the S & R picking up the slack!
Technical Analysis
It’s like looking in the mirror today – Asia Session has bought some Euros back, already testing Daily Pivot, which has crossed Weekly to the South, setting up a Bearish formation. Tempering that to some degree is the double bottom formed yesterday. Still trading in a range, the cross is still struggling to break free. DP might be the key today – PA above it and I’m Bullish but back if it holds as Resistance – it’s Short for me.
The Day Ahead
I guessed and got the direction completely wrong yesterday (at no cost). The crossover of DP to the South has me slightly Bearish but still the consolidation goes on. I’ll trade in either direction – as usual, when PA comes to me.
High Impact News – CET
2:30pm
2:30pm
| USD | Core CPI m/m |
| USD | Unemployment Claims |
| 4:00pm | USD | Philly Fed Manufacturing Index |
| 5:10pm | USD | Fed Chairman Bernanke Speaks |
Have a great day.
Geoff Pyne
CERTIFIED TRADER
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