Price Action confirmed yesterday, the bounce off 1.2677 for EUR/USD was meaningful. Without clear direction after some time spent in consolidation, we were prepared to accept what Price Action delivered at either of our Hotspots. Delivery was twofold, first at our “Plan A” Support Hotspot but despite a nice entry signal, we were ignored and no entry triggered. We were rewarded for our patient wait as second perfect StP Secret Pattern appeared at our resistance Hotspot so the trading machinery kicked into gear. Again we were forced to wait but Price Action (no doubt recognising our order time frame was ticking), swept us into the Long & well into profit prior to the bad Unemployment numbers being announced in the US. The reward for staying in the trade was full profit. In a week that offered us little by the way of entries we had a very small stake loss and a good stake winner – our account & risk management assuring we have a reasonable positive balance at week’s end.
With Daily & Weekly Pivot in close quarters, I would expect Price Action to feel comfortable in their presence today. A lack of high impact news will do little to change that theory so it may be a slow day in FX town.
The Day Ahead
Nice & quiet for me as well, with charts closed, happy that the patience & discipline we displayed during the week paid dividends. I like how it’s put here: