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21 AUG 2012 | Free Daily Analysis | EURUSD : MINCED IN CHOP MARKET

G’day Surfers – is it De-Congestion Day?

Yesterday’s Report

Mixed fortunes on separate strategies yesterday in what was a very choppy affair. We spotted a risky entry on M30 Chart and reduced our stake to the minimum but paid the price for trading away from the electromagnets Daily & Weekly Pivot. The very candle that took out our 17 pip stop on M30 also triggered our short entry on Swing & Relax strategy. Our first take profit was achieved with a minimum of fuss then by the barest of margins, our “stops to Break Even target was reached. That was as good as it got with Price Action resuming it’s snake like behaviour, about facing. So -17 on M30 +15 on S & R – pretty much a good reflection of the up & down behaviour the market continues to display.

Technical Analysis

Yesterday was all but a doji day which by definition left us pretty much where we began the day. In fact the only real change facing us technically today, is that Queen has moved to King’s Bishop 3……….whoops, wrong game? Make that Daily has jumped between Weekly & Monthly Pivot. As stated yesterday – the Pivots are so close together, the relative positions are pretty much academic and at this stage are rendered impotent, except that Daily is as yet, untested. Price Action has again made it’s way to our long term trend line but and broken it! There’s been no decongestion but Price Action appears to have overcome the 1.23335 level – for now!

The Day Ahead

The pending break of congestion continues to confound us, in it’s probable direction. Though a pre-London move has delivered a potential break to the North. It may sound a little unconventional (mmm, sounds like me) but I will favour the opposite side to where Price Action congregates. At this point in time, that is the short side so of particular interest to me will be potential short entries. Should Price Action cross to the South without breaking Support – my sentiment will reverse. It doesn’t get much choppier than this so any entry will be small stake, in fact it’s probably a spectator sport for now……….we’ll see.

Have a happy

Geoff Pyne | Certified SurfingThePips.com Trader


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