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22 October 2014 | Free Forex Analysis | EURUSD : DP TEST KILLER

DB 2210 H4
DB 2210 M30

G’day Surfers – bitter irony as favourite play hurts!

Yesterday’s Report

How amazing it is to reflect on my musings only yesterday how analysis can be askew but trading profitable. exactly the reverse was the case yesterday. I chose (at our peril) to ignore the untested DP below and place a Long order, on the back of an otherwise legitimate setup. The need NOT to ignore a the untested DP was re-inforced with an absolute smashing at the hands of PA which fell dramatically to not only DP, but well beyond – just like we said it should!! Thank goodness our strategy only allowed us to trade at small stake, thereby avoiding more substantial loss.

Technical Analysis

 

I’ve made slight re-adjustments to what I still believe is a Bearish continuation Flag. Pivots remain mixed with DP again untested but this time above PA. I will of course be conscious of that but should a Short setup arrive, I will play it on its merit and without fear. Indeed my bias remains Bearish as the Flag remains, if a little re-shapen.

The Day Ahead

As always, I would prefer a DP Test before trading away from it. I’d accept the opportunity for both, should they present.

High Impact News

2:30pm
USD CPI m/m
USD Core CPI m/m

Have a wonderful Wednesday.

Geoff Pyne  

CERTIFIED TRADER

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