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30 May 2013 | Free Daily Analysis | EURUSD : SMALL LOSS/BIG GAIN

G’day Surfers – Duelling STP Patterns catch big move.

Yesterday’s Report

 The market sprang straight into action yesterday, throwing up consecutive Secret Surfing The Pips Candle Patterns. The first was a Short signal that took some (depends on your broker) into a losing trade – others no trade. The second (next candle) was emphatic in the opposite direction and produced BIG pips for those who rode the wave (a few exit options in over 100 pips from entry) We traded both Live in our FREE LIVE TRADING ROOM as EUR/USD ignored the Pivots’ Bearish characteristics.

Technical Analysis

One day down, next day up……..the snake like journey continues. By virtue of yesterday’s rally, Price Action (PA) has slipped well to the North of an untesetd Daily Pivot (DP) which has joined Weekly, forming a strong target and negating the Bearish formation of yesterday. Significantly, 1.2909 Daily Critical Zone has also been left behind (again). No real signs of a reversal or continuation pattern but without trend, would you exxpect one? So it’s still tough to be biased but Short Term, I would definitely favour a test of the DP/WP combination.

The Day Ahead

As above, I can’t ignore the magnetic attraction Daily/Weekly Pivot should hold for PA but do like the look of strength associated with yesterday’s buying spree. For these reasons, I’ll look for a setup to trade a pullback to DP & then an opportunity to Buy.

High Impact News

2:30pm USD Prelim GDP q/q
USD Unemployment Claims
4:00pm USD Pending Home Sales m/m

P.S. – apologies for the screen Captures today guys – Technical Hitch.

Enjoy your Thursday

Geoff Pyne  

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