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.
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.
|2:30pm||USD||Advance GDP q/q|
|4:00pm||USD||Pending Home Sales m/m|
Thoughtful Thursday everyone.