Yes three cheers for QE2 on her Diamond Jubilee and Pip, Pip Hooray for Surfing The Pips for banking more pips yesterday and maintaining a NO Loss 2012 on M30 strategy.Yesterday’s Report
Daily Pivot was screaming at the market “hey, come get me big boy” as the curtain began to fall on the London festivities yesterday morning. The market consolidated for some hours after early Asia Session trading continued the rally of Monday, which was kick started by bad NFP numbers on Friday. The Bears didn’t take kindly to the impudent Bulls and kicked their butts back to where the week began before the young Bulls again flexed some muscle after a little pause. This pause in proceedings produced a AAA Surfing The Pips setup on an Intratrend resistance line. Trade alerts were sent and a 23 pip run to our second take profit was available for those who managed 9 at first take profit. Nice way to celebrate the Jubilee!
All the heaving & straining has produced a snakelike chart, with Price Action wriggling it’s way into shape a Union Jack like Bearish continuation pattern. Having said that, as a part of this pattern, we also have higher lows and highs suggesting reversal isn’t beyond possibility. With pivots now mixed (Daily having crossed Weekly) we are at a standoff point. That pretty much sums up my sentiment also.
The Day Ahead
A volatile and lively Asia Session usually leads to a quiet consolidating London open. That the Poms have been starved of action for a couple of days, leads me to think otherwise and I’m expecting some fireworks today. With lots of news pending in the afternoon they may be fizzers however – only time will tell. It’s London’s first opportunity to make a statement post NFP so perhaps some early upside?? No question the Bears will be waiting any sign of weakness however and keen to convert the Royal Flag. Oh – ECB Press Conference today – just thought I’d mention it!!
Have a great day.
Geoff Pyne | Certified SurfingThePips.com Trader
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