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17 OCT 2012 | Free Daily Analysis | EURUSD : +75 PIPS THAT COULDN’T GET AWAY

 

G’day Surfers – great ride yesterday!

Yesterday’s Report 

We saw good probability for EURO to breakout of the consolidation, to the North and had it “surrounded”! Our Swing & Relax Strategy had the direct break covered and indeed, our Long order triggered just prior to London Open. Our Pivots warned us of an early pullback and we had Hotspots waiting to catch & react to that possibility as well. The precautions were unnecessary as EURO took off not only in search of 1.3033 as we suggested, but a second wave of buying took place after NY closed & during early Asia Session today. Our Swing & Relax Trade hit both take profits for a 75 pip haul.Technical Analysis

Price Action once again reacted in perfect Technical fashion yesterday exploding through our entry and finding Resistance at our Long Term S/R Level. Again in Asia earlier today, same thing – perfect test of our next S/R Level @ 1.3115 & Resistance Trendline. So now what? Well the obvious short term target for The Bulls would be last months twin peaks @ 1.3170 but without some pullback, we will be sitting that leg out. Daily Pivot is now untested for 2 days and that is almost unacceptable to us. At the same time – this move is strong and I’ll be very reluctant to trade against it. So whilst everything is completely Bullish, we are in NLNS mode (No Longs No Shorts) until we see some Pullback towards Daily Pivot.

The Day Ahead

It will be a little tough finding an entry today for the Technical reasons above. Should Surfing The Pips Secret setups appear, any entry contemplated will need to be VERY small stake due to high risk in either direction until DP is tested. With the need for pullback, I’m favouring the Short area in a Bullish atmosphere.

High Impact News

One more sleep

Wishing you a Wonderful Wednesday.

Davide Franceschini | Chief Trader and Founder at SurfingThePips.com

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