G’day Surfers – another week dies, just like EURO.

Yesterday’s Report

Exactly what is it about the overstretched nature of this Market, that Price Action doesn’t understand?? The Market has tended to obey gravity this week, rather than balance and conventional wisdom. Such was the case AGAIN yesterday as Price Action briefly kissed Daily Pivot and any chance of a rally goodbye, plunging a further 75 pips into the Abyss. They’re not playing our game so we stayed flat.

Technical Analysis

Price Action found and bounced beautifully off our long term S/R level of 1.2173 and hovers menacingly 20 pips above. BIG question is: “Do we turn here or keep going?” Sadly I believe that depends entirely on those who have ridden the waterfall and may be thinking the plunge can’t last forever. Upon these benefactors we must rely because it’s impossible to enter this market in either direction. It seems to have been that way all this week – that’s only because it has.

The Day Ahead

Sometimes you need to be happy that you haven’t lost any of your hard earned capital, rather than sad you didn’t make any. We are in the middle of one of those periods so Congratulations – you are exercising a wonderful discipline that will endure far longer than the short term gains you may be lamenting.

Have a restful weekend and take a moment to reflect on the wise one Aristotle’s words:

“ What it lies in our power to do – it lies in our power NOT to do”

Geoff Pyne | Certified SurfingThePips.com Trader