G’day Surfers – weekend’s here!
Pretty much according to our script EURO was keen to reach for the sky but was technically tethered to the Land Downunder. No, No not my land of suntanned babes, Kangaroos & magnificent Shiraz – that region under 1.3115. After 5 failed attempts to break this Strong S/R level we recognised 2.5yrs ago, Price Action acted just like the American Red Indians (well according to the movies) and retreated from the front line, taking a few scalps with them. If you’re a John Wayne fan you’ll know they are re-grouping, scheming another onslaught – just as we suspected they might. We spotted a Secret Surfing The Pips candle pattern which commands attention. The position it presented however, was fraught with danger so we traded a small stake. TP1 achieved, there was an argument for taking a small TP2 at weaker Resistance than our target. Officially however, we concluded the week with a break even trade giving us 2 x M30 trades only and a Break Even result but our solitary Swing & Relax was spot on, eclipsing both Take Profits and giving us 75 pips to bank – happy days!
The pullback we ordered has been delivered and a continuation Flag has formed. I’d like to see the flag consolidate a little more today, leaving the next attack on 1.3115 for Monday but they may not be that patient. Not much reaction to Ecosummit announcements yet so that may yet have an effect, as could Home Sales figures out of the States. Whatever they do, it’s Friday so they’ll do it without us.
The Day Ahead
Should you find yourself bogged down in work or life matters this Friday – remember it’s the weekend and most of the junk convoluting your mind is just that. Consider the following and take a few deep breaths.
Do you remember the things you were worrying about a year ago? How did they work out? Didn’t you waste a lot of fruitless energy on account of most of them? Didn’t most of them turn out all right after all?
(A couple of beers won’t hurt either)!!
Have a great weekend everyone.
Davide Franceschini | Chief Trader and Founder at SurfingThePips.com