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28 AUG 2012 | Free Daily Analysis | EURUSD : NEW WEEK – TAKE 2

G’day Surfers, what a false start to our new week!!

Yesterday’s Report

Sneaking under my radar yesterday, UK Banks were enjoying a day off. Our normal procedure is to join them as we expect liquidity to be very poor until US Session gets underway. No trades were contemplated during our webinar for this reason but a Surfing The Pips Secret Pattern bobbed up not long after we concluded so a signal was sent. The long order was triggered as the market attempted to gain momentum……..it failed in that endeavour. An agonising wait ensued until finally our 1st Take Profit was achieved but that was as good as it got. The sludge like ooze of Price Action succumbed to gravity thereafter and mercifully ended our first & final foray into UK Bank Holiday trading with a painstaking break even result. In a day where EURO ranged 46 pips and closed within 14 pips of it’s open, I think the day is best forgotten.

Technical Analysis

Clearly little has changed since yesterday with Price Action again looking to the strong support of 1.2482 to launch a further assault at our quite reliable Resistance Trendline and beyond. Our Pivots are in perfect Bullish formation, with Daily untested to the North. The only significant change I would note, is the appearance of both a lower High & Low on H4. Their potency is questionable however, given yesterday’s inactivity – the architect of both. The fact they do exist has me in two minds today and I will be a keen student of Price Action. With more reasons to be Bullish than not, I’ll lean that way but a signal in the opposite direction will see me readily change.

The Day Ahead

With reliable Trendlines again a rare commodity, I am counting on Price Action to double test either the Support OR Resistance lines I have in place as they are both “provisional” at this stage. Maybe even create a new one for me. Confirmation is definitely my buzz word of the day as I see danger in both directions.

High Impact News

4:00pm USD CB Consumer Confidence

Tread gently but have a happy.

Geoff Pyne | Certified SurfingThePips.com Trader

 

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