2:30pm CET

USD

Trade Balance

2:30pm CET

USD

Unemployment Claims

Yesterday’s Report

Another consolidation day with Price action once again (3 day in a row today) around 1.2370 when I open the chart in the morning to write this little article. It’s a trick. Try always to remember the price you see when you open the chart in the morning. If it’s always the same, there’s no way to make profit with swing trades. Scalpers maybe, but not swing traders like us. Yesterday we had some orders on our H4 strategy open, then canceled because of lack of action. We tried also to play one of our Secret Pattern, “The Shark”, buying some euros, but once again, market just didn’t want to trigger our order. No red news till today on the calendar, that is probably the reason of this unmoving market. Today, I see some red one and maybe it could be the day.

We had a pennant at the beginning of the week, the we had an ascending triangle, nobody of them produced some decent action and right I just don’t see anything interesting in terms of price patterns.  We just still have in our mind the big gigantic inverted head & shoulder you can easily see at the bottom of the bearish action we had since last week. That’s it. Pivots are in mixed mode. So we are still a little bit more bullish than bearish but not trusting too much this sentiment and ready to trade almost unbiased for the day. That is the power of a semi-mechanical Forex System. A sentiment is a good thing to have but it’s not necessary.

As per chart attached, two clear HotSpot, two clear potential breakouts. Like always, we’ll wait to see one Secret SurfingThePips pattern and then we’ll pull the trigger there. For PRO subscribers, remember to cancel every order right before red news.

Enjoy your trading day.