× six = 36



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8 AUG 2012 | Free Daily Analysis | EURUSD : Lazy Summer Price Action

G’day Surfers,
Yesterday’s Report
You can make money when the price goes up and when the price goes down but not when price doesn’t move! Yesterday we had an entry trying to trade the ascending triangle who was forming right after the break of the pennant we spotted in yesterday analysis. Thanks to our Free Trade Technique we ends up at break-even after banking Take Profit 1 at +6. Then we placed another trade, using our Swing&Relax strategy, the 4H chart one, but the order was never triggered and it is now ready to be canceled. Nice lesson: accept what the market can give you.
Technical Analysis
Nothing has changed since yesterday, because the market is not moving. I see an ascending triangle forming on H1 chart. This is a typical bullish pattern. Normally it break 75% of the time above and the rest below. We’ll try to find an entry at the break of this pattern using our SurfingThePips Secret Patterns.

Pivots are mixed but D-P made another little jump towards north. D-P and W-P today are still untested.

The Day Ahead

As said before we’ll try to trade the ascending triangle à la StP way ;)
There’s also another support line, very important, which has been tested right now while I’m writing. This has to be considered another HotSpot of the day. A false break-out of this trendline is the Play Of The Day.
Enjoy your trading day.

Geoff Pyne | Certified SurfingThePips.com Trader

 

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