You may not call us conventional but upon the Surfing The Pips Strategy, you can rely.
Whilst the Euro plunges into purgatory, the Surfing The Pips Secret Pattern Alert Strategy continues to produce pips – against the trend! With lateral consolidation again the feature of London Session our webinar was a wealth of knowledge but produced no trades. Price action dipped to test the 2012 low of 1.2620, bouncing nicely prior to reaching that level. A small retracement of that bounce produced a Secret Surfing The Pips Pattern…….alerts were sent and 30 plus pips were on offer prior to major resistance which is where the Euro began its now daily plunge – this one measuring 140pips.
Repeating the pattern of the past two weeks, Price Action has torn the pivots apart like a shark on a Mackeral. Daily has again strayed from it’s cohort Weekly to the tune of 140 pips. Astral traveller like, Monthly levitates some 430 pips above them. You’ve read it before right here so I’m certain you know that means NO SHORTS for us. The other two reasons against jumping on the Titanic are the still open gaps (seemingly long forgotten in a faraway place) and the untested since Tuesday, Daily Pivot. Though we have been spruiking it ad nauseam the market is OVERSOLD!! Problem is, EURO has also run completely out of support technically and apparently has no friends at all. Loathe to think it BUT…… 1.2150 & 1.1870 appear to be the nearest “Friendly Gathering”
The Day Ahead
With all due respect to the overwhelming Bearish trend, we can ONLY look for entries long again today off intraday trendlines. If I’m honest with the bloke in the mirror – I will be a spectator however. For the record – if opportunities arise off the resistance trendline, we need to be mindful of Daily Pivot dead ahead so a clear 8-10 pips between it & entry if looking for a direct break. The preference is to await a break of this line, then a re-test from above, giving us an A-B-C. Any entry will be against a VERY strong trend so VERY small stakes are the order of the day.
Have a great weekend all.
Geoff Pyne | Certified SurfingThePips.com Trader
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