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31 July 2013 | Free Daily Analysis | EURUSD : PIPS ON DOJI DAY


G’day Surfers – typical NFP week INaction

Yesterday’s Report

We were expecting yesterday’s market to be a little “each way” and that’s precisely what we got, resulting in a Doji day.  A nervous start to London Session ended with a nice Secret Surfing The Pips Candle Pattern pointing us Long. We entered more than an hour later, but not before a second pattern had us adding a Short order as well. Using MR-1 as a target at psychological 1.3300, we banked & exited perfectly because that was as good as it got. The Short order expired before Price Action (PA) went through that entry, straight to Weekly Pivot, then back to Daily. More than happy to bank pips on a yo-yo day.

Technical Analysis

 

At exactly the same level as this time yesterday, very little has changed. Going into our 4th day inside a 65 pip range does very little for directional confidence. Our 1.3285 Daily Critical Zone (DCZ) has that “Bart Simpson” look which tells me technicals are dormant. No surprise here as the market awaits clarification of Fed chair Bernanke’s QE Tapering “HINT”, which sent the market into overdrive. The Fed statement later today may well provide that clarification and this tight range may well end there! Pivots are still Bullish, Daily being well tested.

The Day Ahead

 

Tough to be confident so small stakes are recommended and tight take profits. I’ll take what PA gives me at my Hotspots, more than that is impossible for now.

High Impact News

2:15pm USD ADP Non-Farm Employment Change

2:30pm

USD ADP Non-Farm Employment Change
8:00pm USD FOMC Statement

Wishing you a Wonderful Wednesday

Geoff Pyne  
CERTIFIED TRADER

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