We copped it yesterday, on both strategies! Despite our analysis telling us almost exactly what Price Action dished up, EUR/USD led us a merry dance. An old favourite Secret Surfing The Pips Candle Pattern developed at one of our Hotspots so we had no hesitation in placing a Long order. We were reminded of the dangers of trading inside the Range when some sharp buying snuck us into the trade but selling overpowered the move & we donated 18 pips to the market.  At the same time our very small stake Swing & Relax order Short was triggered but again, TP1 eluded us and stops again were hit. Faced again with the same circumstances, nothing would change our actions because we traded our strategy and we know its a winner. Today’s another day.

Now the market has reached the 12mth high, it’s a question of “reach for the sky” OR “whooaa – slow down there”.  The clear sky above will be very tempting for the Bulls and once clear of 1.3485, fasten your seatbelts (look for pullback to Daily Pivot before entry). There is of course the slightly overbought factor ( big gap to Monthly Pivot) which can’t be traded Short until confirmation of a reversal is found.

NFP week is normally a tough week for trading as the market prepares for the biggest monthly News event in Financial Markets and this needs to be considered. If Price Action comes back to test Daily Pivot, we will look for entries on good setups as usual. We will be quite cautious if Daily Pivot doesn’t get a visit however.

Tentative

EUR

Italian 10-y Bond Auction

8:30am

USD

Advance GDP q/q

Willing Wonderful things for your Wednesday

Geoff Pyne  

CERTIFIED TRADER

We copped it yesterday, on both strategies! Despite our analysis telling us almost exactly what Price Action dished up, EUR/USD led us a merry dance. An old favourite Secret Surfing The Pips Candle Pattern developed at one of our Hotspots so we had no hesitation in placing a Long order. We were reminded of the dangers of trading inside the Range when some sharp buying snuck us into the trade but selling overpowered the move & we donated 18 pips to the market.  At the same time our very small stake Swing & Relax order Short was triggered but again, TP1 eluded us and stops again were hit. Faced again with the same circumstances, nothing would change our actions because we traded our strategy and we know its a winner. Today’s another day.

Now the market has reached the 12mth high, it’s a question of “reach for the sky” OR “whooaa – slow down there”.  The clear sky above will be very tempting for the Bulls and once clear of 1.3485, fasten your seatbelts (look for pullback to Daily Pivot before entry). There is of course the slightly overbought factor ( big gap to Monthly Pivot) which can’t be traded Short until confirmation of a reversal is found.

NFP week is normally a tough week for trading as the market prepares for the biggest monthly News event in Financial Markets and this needs to be considered. If Price Action comes back to test Daily Pivot, we will look for entries on good setups as usual. We will be quite cautious if Daily Pivot doesn’t get a visit however.

Tentative

EUR

Italian 10-y Bond Auction

8:30am

USD

Advance GDP q/q

Willing Wonderful things for your Wednesday

Geoff Pyne  

CERTIFIED TRADER