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23 AUG 2012 | Free Daily Analysis | EURUSD : This Week Many Pips Made On Every Timeframe

G’day Surfers, ya gotta love it when it goes Technical.

Yesterday’s Report

Followers of our Daily Brief will NOT be surprised to learn that we bagged some more pips yesterday. In a very poor early market that lacked liquidity, there was a lot to like about the way Price Action performed. With Daily Pivot untested on Tuesday, the numbers for a rendezvous were compelling and we attempted to sneak a few early pips taking advantage of that knowledge. Target #1 was within a pip when Price Action presented us with a signal in the opposite direction. We banked our first take profit comfortably on the Long but when the market reached first resistance (just 6 pips below our Major resistance & 2nd Target), we Banked TP2 live in the webinar and the exit proved prudent once again. Price Action about faced, following our script to the letter. Our Daily Brief called for a false breakout of the intraday trend line and once again, according to the script, delivered an imperfect Surfing The Pips Secret Pattern (more on this in today’s webinar) which provided more pips to those who spotted it. Not done with there – yet another Secret Pattern appeared after the perfect test of Daily Pivot. A technical trader’s dream ensued with a beautiful bounce, slight dip that presented another trading opportunity and those who receive our signals were served dessert on a platter. Officially, 48 pips were banked but some did better.

Technical Analysis

Bagging pips is one thing but having EUR/USD acting Technically is fantastic. I’m not saying it’s gone for good but the FEAR FACTOR has eased and Price Action is behaving nicely at present. Today’s picture with that in mind, is pretty clear: wait for it……..EUR/USD is OVERBOUGHT – there, I said it! More pronounced now than yesterday, the chasm between Daily & Weekly Pivot has widened to an unacceptable 172 pips. Add to that: Price Action is a further 40 adrift and you know what I’m going to say………..yep, it’s the PULLBACK word again. Though everything screams Bullish in the big picture, our snapshot of the market forbids us entering long until that occurs. At the same time, we will not be trading against the Bullish trend until a reversal signal gives us the green light, via at least, a lower high. With trend lines as scarce as rocking horse manure, we will rely entirely on Price Action to deliver us a Hotspot.

The Day Ahead

Speaking perfectly frankly, I’m not going to stress if trading opportunities don’t blow my way today. We have money in the bank on both strategies this week and I would need a AAA setup to loosen my purse strings and risk a donation. Doesn’t mean there won’t be one……..AAA that is!

Have a great day.

Geoff Pyne | Certified SurfingThePips.com Trader

 

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