G’day Surfers – what a ride we had.
Yesterday’s Report
The week is shaping up as a memorable one – Monday for NIL action, yesterday for PLENTY. The day will ever be recorded as a “normal” 105 pip ranging day where the market was indecisive. The REAL story is that there were fireworks aplenty as Price Action not only broke the consolidation of Monday, it first took out all our Pivots (including DR-3 & MR-1) as the Bulls charged towards a new high. The response to this was swift and decisive as most of our Support Pivots were handed the same treatment. This was to be the pattern of the day, the see saw coming to rest 9 pips higher than when it began it’s lively session. We spotted an opportunity on both strategies & placed a buy order on M30 and later a sell on H4. Price Action wouldn’t come to play however – so no entries.
Technical Analysis
Once again, very little change, given the almost doji days to date this week. The one notable exception is the formation of a lower Low on H4. The Support Trendline this low helped create could well be the point at which the tug of war is decided. Should that Trendline & Low be violated, the Double Top Reversal pattern may find the ally it seeks, to enable Price Action to fall. Until I see that occur, I’m still in the Bull’s corner. EUR/USD has traded in a 130 pip range for the best part of two weeks and continues to amble without clear direction and our Pivots agree, being in mixed formation. An explosion cannot be far away.
The Day Ahead
I have way too much Support under EUR/USD and have had to delete some Trendlines in order to see Price Action. I have taken the “safe” approach and set my Hotspots outside the noise area. Despite Price Actions disregard for Support/Resistance yesterday, I’m trusting the strong support to hold and set the Bulls on track for new highs – that’s Plan A. Should the Support not hold – it’s bye bye 1.3300, hello 1.3000.
High Impact News
Not today
Willing you a Wonderful Wednesday.
Geoff Pyne
CERTIFIED TRADER
G’day Surfers – what a ride we had.
Yesterday’s Report
The week is shaping up as a memorable one – Monday for NIL action, yesterday for PLENTY. The day will ever be recorded as a “normal” 105 pip ranging day where the market was indecisive. The REAL story is that there were fireworks aplenty as Price Action not only broke the consolidation of Monday, it first took out all our Pivots (including DR-3 & MR-1) as the Bulls charged towards a new high. The response to this was swift and decisive as most of our Support Pivots were handed the same treatment. This was to be the pattern of the day, the see saw coming to rest 9 pips higher than when it began it’s lively session. We spotted an opportunity on both strategies & placed a buy order on M30 and later a sell on H4. Price Action wouldn’t come to play however – so no entries.
Technical Analysis
Once again, very little change, given the almost doji days to date this week. The one notable exception is the formation of a lower Low on H4. The Support Trendline this low helped create could well be the point at which the tug of war is decided. Should that Trendline & Low be violated, the Double Top Reversal pattern may find the ally it seeks, to enable Price Action to fall. Until I see that occur, I’m still in the Bull’s corner. EUR/USD has traded in a 130 pip range for the best part of two weeks and continues to amble without clear direction and our Pivots agree, being in mixed formation. An explosion cannot be far away.
The Day Ahead
I have way too much Support under EUR/USD and have had to delete some Trendlines in order to see Price Action. I have taken the “safe” approach and set my Hotspots outside the noise area. Despite Price Actions disregard for Support/Resistance yesterday, I’m trusting the strong support to hold and set the Bulls on track for new highs – that’s Plan A. Should the Support not hold – it’s bye bye 1.3300, hello 1.3000.
High Impact News
Not today
Willing you a Wonderful Wednesday.
Geoff Pyne
CERTIFIED TRADER
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