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23 NOV 2012 | Free Daily Analysis | EURUSD : GIVING THANKS FOR OUR PIPS

G’day Surfers – how’s the long weekend going?

Yesterday’s Report

Another post US/Pre Asia move (this time Bullish) combined with the Thanksgiving Holiday, ensured that we we not be trading yesterday. London Session produced a little early low volume volatility before eventually breaking the new high by 30 pips but what a risk to capture those pips in an overbought situation and Daily Pivot untested 70 pips below – not for us. So in a very brief week we placed 4 orders, all on M30 Strategy. One didn’t trigger, one produced a BE result and two went to target – nice pips in the bank again.

Technical Analysis

Despite looking a little overbought, EUR/USD continues to rally but now faces the ever popular 1.2908 S/R level dead ahead, which represents a 50% pullback from the fall that reversed 10 days ago. mmmmm!

The Day Ahead

A little relaxation for me as preparation for round 3 of the Golf Club Championships tomorrow. Topically; in the true meaning of Thanksgiving, Pilgims celebrated a plentiful harvest and actually drank beer (contrary to poular belief). If that’s the case, bottoms up in thanks for our pip haul this week – CHEERS! But let’s not get carried TOO far away because:

Pride slays thanksgiving, but an humble mind is the soil out of which thanks naturally grow. A proud man is seldom a grateful man, for he never thinks he gets as much as he deserves.

Henry Ward Beecher

Have a wonderful weekend everyone.

Davide Franceschini | Chief Trader and Founder at SurfingThePips.com
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