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30 January 2014 | Free Daily Analysis | EURUSD : DOJI #3 = PROFIT

DB 3001 H4
DB 3001 M30

G’day Surfers – who needs direction?

Yesterday’s Report

 

We’ve been sweating on a EUR/USD Long entry all week and still it eludes us. Not so nice profits though, as we caught a beautiful Short yesterday – against our sentiment. The market was seemingly in neutral, awaiting the FOMC statement but a classic SurfingThePips™ Secret Candle Pattern grabbed our attention (and order) before Euro selling took Price Action to DS-2, hitting our target in the process. DS-2 smashed PA back North, creating the 3rd Doji Day in succession.

Technical Analysis

 

If the Bullish Flag #1  was a little imperfect yesterday, the flaw has certainly been rectified and it dominates intraday Charts. Pivots remain mixed and Daily (DP) has snuggled a little closer to Weekly. This indicates the likelihood of more consolidation but with PA closing in on the pointy end of a n H4 Pennant, it’s difficult not to imagine a breakout soon. Sentiment remains Bullish with the chart pattern but ready for anything again.

The Day Ahead

 

When Charts are obvious, they can be treacherous – picking the right moment & setup is crucial to success today. I’ll look for a Long entry but it will need to be compelling. Take care.

High Impact News – CET
2:30pm USD Advance GDP q/q
USD Unemployment Claims
4:00pm USD Pending Home Sales m/m

Thoughtful Thursday everyone.

Geoff Pyne  
CERTIFIED TRADER
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