G’day Surfers – h o w ‘ s th i n g s? I’m illustrating my appraisal of the very slow moving market we are currently experiencing. What a drawn out process it is for the market to force a break of this range we seem destined to endure. The market is like a river swelling with water, preparing to break it’s banks. There are little spillages periodically driven by downpours (news) but undeniably, a relentless, drawn out build up to a flood. Which bank will break first??
The rising waters carried pips our way again yesterday with the Swing & Relax trades both culminating. GBY/JPY retraced to our entry, leaving our 20pips of profit as a nett result. EUR/USD on the other hand needed careful management as we acknowledged the very strong resistance, taking our second profit at +60pips for a total deposit of 75. Excellent result when you consider the range of the market the entire week (135 pips).
Entries on M30 were once again impossible to find though I admit to being tempted with near perfect setups. When a piece of the puzzle is missing however – we keep our pips from harms way.
It’s a bit like a broken record but all I see is a market pick, pick, picking at a resistance level that refuses to budge making it very difficult to anticipate the breaking of the banks. The very gradual process of creating higher highs & lows continues but it’s drawing a long bow to say we are in a bullish trend. When I consider the rallies are consisting of only one or two candles on H1 chart.and always around news releases – I must concur with the pivots which are still in a mixed situation ( Daily between Weekly & Monthly)
The Day Ahead
So it’s without sentiment that I enter the final day of our trading week. Like evryone else will watch the tide rise until the banks can hold no more and the flood begins. I can only wait for price action to create a scenario that’s tradeable. They will come to play with our lines at some point and we’ll be there as always. Stay patient and smell the roses.
Have a great day.
Geoff Pyne | Certified SurfingThePips.com Trader