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26 November 2014 | Free Forex Analysis | NAUGHTY PROFITS FOR SOME

DB 2611 H4
DB 2611 M30

G’day Surfers – busy day at the office.

Yesterday’s Report

 

Lots of opportunities yesterday as PA positioned itself to break free and prove which of the Chart patterns was correct, the Flag or the Double Bottom. Our first order (Short) expired , #2 triggered and closed at BE, #3 also expired and #4’s result was up to the individual. By the rules, the Long order should have been cancelled prior to News but I notice a few smiles on faces this morning from those who chose to take the high risk route.

Technical Analysis

The Double Bottom won the battle yesterday and the re-entry into the Flag suggests more buying is on the agenda.. Pivots remain Bearish however, though DP & WP are once again, inseparable. It appears that 1.2400 has held and the Double Bottom has asserted some authority. Today’s question is how much authority is has? I’m prepared to give the potential Reversal due consideration and, after a DP test, (the key level of the day) a Long might be a good option. Don’t forget the big picture however, which is big time Bearish.

The Day Ahead

 

I’ll be keeping my eyes on PA around DP, should it choose to visit. I’m on the Bulls side whilst above this area.

High Impact News – CET

2:30pm USD Core Durable Goods Orders m/m
USD Unemployment Claims
4:00pm USD New Home Sales

Wishing you a Wonderful Wednesday

Geoff Pyne  

CERTIFIED TRADER

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