G’Day Surfers – another week gone, another bungee bash and not much action as a result. Small positive nonetheless and all things considered, ya gotta be happy with that!
I have the distinct feeling that a junior trader pressed the wrong button as London opened because the first movement was Bullish, in stark contrast to the previous two days when EURO plummeted before the bungee effect kicked in. That bungee chord went straight back into action post the initial move and the day went like this: 50 pips up, 60 down, 50 up, 90 down, 60 up then a 35 pip consolidation range to take us into Friday. Very choppy surf and almost impossible to ride. We did see a couple of what appeared reasonable formations ( A level signals) but the first didn’t trigger and we bailed out during our webinar. The second, an attempt at a quick snap prior to some major news was triggered and if you closed prior to the news (as you should have) you would have recorded a small negative of around 7 pips. If you chose to risk the Red news, your efforts went unrewarded as the waved closed out.
No trade Friday sees our convergence of seasoned S/R lines 65 pips above Price Action. The market seems to be postponing the rendezvous at this crucial point but I see it as a huge target and won’t be disappointed if it remains unvisited until Monday.
The Day Ahead
Well for me it includes a nice dinner with my wife and maybe a nice bottle of The Hunter Valley’s finest. I hope you find something as equally enjoyable to take your mind off bungee cords and choppy surf. As you contemplate all the work you didn’t get done this week please remember the words of Sydney J Harris who absolutely nailed it when he said:
“ the time to relax is when you don’t have time for it”
Enjoy your relaxation.
Geoff Pyne | Certified SurfingThePips.com Trader
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