G’day Surfers – haven’t we been here before………like…….. yesterday??

Yesterday’s Report

Another day older but no wiser, as far as EUR/USD’s direction is concerned. Price Action continues deploying sortie after sortie, pounding the Support below, but simply cannot sustain a break under 1.3300 and of course our long term Trendlines that have teamed with longer term S/R @ 1.3286. EURO sellers launched an 80 pip missile at the seemingly impenetrable level which once again held, the big weapon closing spot on our old Resistance Trendline which sent Price Action once again “home in the range”. That was NOT what we were looking for – rather, we saw an opportunity to catch the Long break on M30 prior to the “big sell off”. Price Action ignored our order so we allowed our Swing & Relax Short order (set on Tuesday) to catch the break South. The “big fella” took us in but the recoil was more than we could bear, so we took a loss at small stake.

Technical Analysis

Despite the familiar see sawing look of Price Action this week (3days; 3dojis), there are some subtle changes occurring. The most notable difference in the charts is the appearance of consistent lower highs & lows (a couple of pairs on H4). The question is becoming “how much more pounding can 1.3300 endure?” With sellers circling this Support area as a pack of wolves awaits the weak beast breaking from the herd, not much attention is being paid to the “back door” (high side). Sometimes the back door is a good escape route and I’m suspecting Price Action might just decide the Long exit is a better alternative!! In truth, I believe there are small reasons only, to have a firm sentiment in either direction and it’s a 50/50 call. Only one thing is certain from my technical viewpoint: Support is doing one hell of a job!!

The Day Ahead

Absolutely nothing has changed from my perspective - I am expecting an explosion any tick of the clock and I believe it will come unexpectedly and from the opposite side to the break. So my mindset is to look for Longs at Support & Shorts at Resistance, looking for a speedy TP1 & allowing TP2 far more reign than I would normally. Therefore, I’m looking for a false break of either Support or Resistance Trendlines but will accept a traditional ABC, should it present. Sorry for the messy M30 Chart – it’s the way it is!!

High Impact News

Thoughtful Thursday should be enThralling – have a good one.

Geoff Pyne  

CERTIFIED TRADER

G’day Surfers – haven’t we been here before………like…….. yesterday??

Yesterday’s Report

Another day older but no wiser, as far as EUR/USD’s direction is concerned. Price Action continues deploying sortie after sortie, pounding the Support below, but simply cannot sustain a break under 1.3300 and of course our long term Trendlines that have teamed with longer term S/R @ 1.3286. EURO sellers launched an 80 pip missile at the seemingly impenetrable level which once again held, the big weapon closing spot on our old Resistance Trendline which sent Price Action once again “home in the range”. That was NOT what we were looking for – rather, we saw an opportunity to catch the Long break on M30 prior to the “big sell off”. Price Action ignored our order so we allowed our Swing & Relax Short order (set on Tuesday) to catch the break South. The “big fella” took us in but the recoil was more than we could bear, so we took a loss at small stake.

Technical Analysis

Despite the familiar see sawing look of Price Action this week (3days; 3dojis), there are some subtle changes occurring. The most notable difference in the charts is the appearance of consistent lower highs & lows (a couple of pairs on H4). The question is becoming “how much more pounding can 1.3300 endure?” With sellers circling this Support area as a pack of wolves awaits the weak beast breaking from the herd, not much attention is being paid to the “back door” (high side). Sometimes the back door is a good escape route and I’m suspecting Price Action might just decide the Long exit is a better alternative!! In truth, I believe there are small reasons only, to have a firm sentiment in either direction and it’s a 50/50 call. Only one thing is certain from my technical viewpoint: Support is doing one hell of a job!!

The Day Ahead

Absolutely nothing has changed from my perspective - I am expecting an explosion any tick of the clock and I believe it will come unexpectedly and from the opposite side to the break. So my mindset is to look for Longs at Support & Shorts at Resistance, looking for a speedy TP1 & allowing TP2 far more reign than I would normally. Therefore, I’m looking for a false break of either Support or Resistance Trendlines but will accept a traditional ABC, should it present. Sorry for the messy M30 Chart – it’s the way it is!!

High Impact News

Thoughtful Thursday should be enThralling – have a good one.

Geoff Pyne  

CERTIFIED TRADER