G’day Surfers – Timing is EVERYTHING

Yesterday’s Report

 

There was something in the air yesterday and being in the market at the right time was the key to success or failure. Our timing was a fraction out and we paid the price as the EUR/USD skyrocket launched without us. Two Long intraday orders were placed prior to the blast off: #1 triggered but produced a break even trade as PA retraced pre-launch. #2 Expired just 30 mins before ignition. Our hapless Short order was due to expire a couple of minutes after it triggered and of course, the rest is history. We also placed a S&R Short but it’s trigger point remained unused, some 200 pips from the close of the day.

Technical Analysis

 

The big question today of course is – was the huge reaction to News a game changer? You’d be pretty naive to think EUR/USD would continue to fall forever, without decent pullback so the more relevant question IMHO, is – how far will it retrace? The Flag we’ve been tracking is now looking ‘well hung’ from where I sit and the DCZ 1.2775/1.2800 #1 is well proven. The Bulls will need plenty of fuel to fire the next rocket but there is a great confluence at the next Northerly DCZ (1.2945) #2 so we are delicately poised at this level. I sense the market is nervous so we might be in for some volatility again today. I’m still trusting the Flag – so I’m once again Bearish. Oh, did I mention a descending triangle is taking shape?