G’day Surfer’s – WOW, did someone get the number of that Skyrocket?

Yesterday’s Report

We flagged the first News releases of the year as catalysts for a move on EUR/USD – BUT did we ever get one? It began with reaction to a dramatic reduction in Spanish Bond Yields, entered phase 2 when Super Mario pulled a rabbit or two out of the ECB’s hat and paused only after the third phase, resulting from poor Unemployment numbers out of the states. We were content to await confirmation of the direction the breakout would take before entry – there was none, only full throttle buying which took EUR/USD straight back to our Resistance Trendline, just shy of our Long Term S/R Level @ 1.3285. So a week that delivered very little by way of opportunities produced a small loss and a nice winner that hit both targets. The star of the show however was the Thursday Skyrocket that maybe hasn’t yet found it’s destination??

Technical Analysis

Pullback required!

The Day Ahead

It being Friday – no trading of course. Whilst on fireworks – I will contemplate how fortunate I am not to be near any out of control Bushfires as Australia burns and awaits the 45-50 deg C temperatures that return tomorrow. I will think also, of the firefighting heroes that have forsaken sleep and family, to save lives and property: “What is a hero? Is it someone who is willing to sacrifice their life for another? Is it someone who prevents the downfall of another human being? Is it someone who defends our way of life? None of these questions can sum up to what a hero is. A hero is someone who will stand tall in front of the weak. A hero is someone who can stand against a majority. A hero is someone who voluntarily gives up their dreams to give that same chance of dreaming to someone less fortunate.

Have a great weekend everyone and spare a thought for your hero!

Geoff Pyne  

CERTIFIED TRADER

G’day Surfer’s – WOW, did someone get the number of that Skyrocket?

Yesterday’s Report

We flagged the first News releases of the year as catalysts for a move on EUR/USD – BUT did we ever get one? It began with reaction to a dramatic reduction in Spanish Bond Yields, entered phase 2 when Super Mario pulled a rabbit or two out of the ECB’s hat and paused only after the third phase, resulting from poor Unemployment numbers out of the states. We were content to await confirmation of the direction the breakout would take before entry – there was none, only full throttle buying which took EUR/USD straight back to our Resistance Trendline, just shy of our Long Term S/R Level @ 1.3285. So a week that delivered very little by way of opportunities produced a small loss and a nice winner that hit both targets. The star of the show however was the Thursday Skyrocket that maybe hasn’t yet found it’s destination??

Technical Analysis

Pullback required!

The Day Ahead

It being Friday – no trading of course. Whilst on fireworks – I will contemplate how fortunate I am not to be near any out of control Bushfires as Australia burns and awaits the 45-50 deg C temperatures that return tomorrow. I will think also, of the firefighting heroes that have forsaken sleep and family, to save lives and property: “What is a hero? Is it someone who is willing to sacrifice their life for another? Is it someone who prevents the downfall of another human being? Is it someone who defends our way of life? None of these questions can sum up to what a hero is. A hero is someone who will stand tall in front of the weak. A hero is someone who can stand against a majority. A hero is someone who voluntarily gives up their dreams to give that same chance of dreaming to someone less fortunate.

Have a great weekend everyone and spare a thought for your hero!

Geoff Pyne  

CERTIFIED TRADER