G’day Surfers, feeling a bit battle weary?
What a fight we had on our hands yesterday with setups coming thick and fast and the market refusing to yield to our onslaught, giving us a break even day. We unleashed 4 of our arsenal in an attempt to lure the EURO out of its resting place and twice it responded, giving us 1st level take profits, only to beat a hasty retreat, leaving us unsated but safe & secure. Our two remaining snipers were unable to engage the retreating EURO, neither called upon to pull the trigger. Therein lies the beauty of our strategy that affords us insurance against a market not willing or ready, to make a move. When our entries are triggered, normal procedure executes a clinical assault on our fist take profit and a stress free second phase. It’s our FREE TRADE technique and it works a treat.
An eerie, post war silence has descended on the battlefield as EUR/USD is deadlocked just below 1.2500 yet again. So far, it’s been a 1 move week and really not a lot has changed – with one notable exception: Daily Pivot, after spending a week in mixed company, has taken the lead role once again, giving the DIVE order to its cohorts Weekly & Monthly, which are in perfect Bearish formation above. Only element missing for a totally short bias here is a lower low on higher time frames and our discipline dictates that we need to see one, to confirm a reversal.
The Day Ahead
The bespoke Bearish scenario is dominant today and the fact we a have lower low on intraday charts means a long position is RISKY. Shorts are the order of the day but I want confirmation of the reversal prior to entry. We need to be astute and stick rigidly to our discipline because when a setup is so clear, it’s often quite dangerous. Our Hotspots will help us here, as will understanding the need for AAA setups prior to entry. It’s a HUGE news day in the U.S. and that may keep the market range bound in London Session but if the battle re-ignites, I’ll be there at arms.
Enjoy the day,
Geoff Pyne | Certified SurfingThePips.com Trader
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