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G’day Surfers – and break they did!

Yesterday’s Report

The congestion of the market forced Price Action (PA)  to break ranks and the inevitable ocurred. We weren’t sure which direction the break would take but we received a nice signal prior to London Session. The acceleration we sought occurred but the market stalled prior to News, forcing us to wait a long time for our TP1. It came with a surge and we were a little unlucky to be caught in the News aftermath which took our amended stops for a break even trade. Price Action then took off and settled only when it reached the combined Weekly & Monthly Pivots.

Technical Analysis

A very busy Asia Session has changed our perspective and I the first directional sign I notice today is an untested Daily Pivot (DP), 50 pips below Price Action. The fact that DP is adjacent to our Long Term Resistance Trendline #1, gives me a short term Bearish Bias. Given that PA is almost at DR-2, I will not be looking for Long entries above this area without considerable pullback – to Daily Pivot would be fine. There may just be an opportunity to sneak some pips prior to DR-2 & our Resistance Trendline #2 however – we’ll see.

The Day Ahead

The picture is pretty clear to me today in terms of my trading. Price needs to pullback and DP is an obvious target. The only current potential setup to accommodate me will be playing a false break of our current Resistance Trendline #2. That will be Plan A for the day – if we can find an entry to play the approach to DR-2 – we just might.

High Impact News

2:30pm USD Building Permits
8:00pm USD FOMC Meeting Minutes

Wonderful Wednesday everyone

Geoff Pyne  

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