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24 May 2013 | Free Daily Analysis | EURUSD : EURO DEFIES GRAVITY

G’day Surfers –amazing resilience…..again!

Yesterday’s Report

Despite multiple reasons EUR/USD had to fall yesterday, the cross responded to positive Economic News from both France & Germany, to firstly re-enter now familiar territory above our Long Term Support and then, above Daily Pivot. We saw the move coming and placed an order prior to London Open but under our rules, cancelled it to avoid the two RED News events. Our second order was to catch the expected Short continuation but Price Action wasn’t interested. A third order triggered us Long and we achieved TP1 just prior to more RED News that took our adjusted stops, delivering us a Break Even result. At week’s end a satisfactory scoreline that reads: Entries 5; Losers 0; Break Even 3 & Winners to target 2.

Technical Analysis

EUR/USD has been under pressure most of the week and we have been looking for Short entries. More than interesting to note that every entry this week, was LONG. A perfect example of two things: 1 – EUR/USD is a resilient cross and most importantly; 2 – Trade what you SEE, not what you THINK!!

 

The Day Ahead

 

Lunch of the Month today with some old buddies of mine from years gone by. Won’t be many tall stories told or laughter at all ………………..Yeah, right!! Have a great weekend and speaking of old friends, here’s an old favourite of mine: http://www.youtube.com/watch?v=A__BItnzJb4

 

Geoff Pyne  
CERTIFIED TRADER
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