G’day Surfers – slow, but effective.
It didn’t take long for us to be in the market yesterday but we stayed there quite a while before our target was hit – but that’s the main thing. We found the Secret Surfing The Pips Candle Pattern not long after London Open and “Free Traded” until well into the Session as EUR/USD struggled to break the Resistance Trendline between our entry and target. It finally did and we banked some nice “Monday pips”.
Our pips came in anticipation of the consolidation break yesterday, which was somewhat less than emphatic and failed to create a new high. In fact, potentially formed a Double Top reversal signal. No sign of that in our still Bullish Pivots but certainly, the momentum change is clear. To counter that scenario, a rather obvious Ascending Triangle #1 suggests further gains. With the absence of Lower Highs & Lows, it remains a Bullish, but consolidating market.
The Day Ahead
I’ll go with the balance which favours the Bulls but there’s a lot of news events today that might make some difference. ECB President Draghi speaks as I write this so we may have early movement. As always, our Hotspots should attract Price Action and we’ll look for entries there.
High Impact News
|11:00am||EUR||German ZEW Economic Sentiment|
|USD||Core CPI m/m|
|Day 2||ALL||G8 Meetings|
Have a great day.