G’day Surfers – EURO’S not quite strong enough, is it?
We really have to be proud of the Swing & Relax trade we took this week, despite it not reaching the target we set. Our analysis was A1 and we responded well when the market wouldn’t give us what we asked of it, on the M30 strategy. Entry was beautifully setup by a classic Surfing The Pips Secret Pattern, we didn’t panic when the market turned against us and we locked in nice profit, before Price Action swamped us and crashed through our initial stops. So 45 pips profit in total when stops were hit and Bernanke sent EURO crashing.
Significantly, the almost 100 pip fall yesterday, failed to take out Monday’s low and the market recovered, just as quickly as it fell – more good news for the cross. Daily Pivot has reacted favourably also, crossing weekly to the upside. Normally, when Daily wedges itself between Weekly & Monthly which is now the case, we find the market indecisive. That Monthly is still almost 300 pips to the North suggests to me that Daily may want to find an even more central position and therefore will send Price Action long. the substantial higher lows won’t hurt either!
The Day Ahead
When our Pivots are mixed, I’m normally hesitant to nominate a direction I feel the market is headed. This time however, I’m quite Bullish but I have a problem – no lines to play with!! We have the foundation of an intraday resistance line and I’m looking for Price Action to give me a 3rd point of contact, that I might entrust it with a Surfing The Pips Secret Candle Pattern. The only Support Trendline I have is a beauty BUT, it’s a long way from Price Action and I was hopeful we are done with those levels for now. We’ll see.
Happy line hunting!
Geoff Pyne | Certified SurfingThePips.com Trader
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