G’day Surfers – when it sounds too good to be true……….
I seldom tire of the market handing out lessons and yesterday it didn’t let me down. Just about every piece of the Short puzzle had snuggled into position except Price Action which didn’t want a bar of it. From the opening candle of our webinar and London Session, EURO got on its bike and peddled hard to the North. We spotted the beginning of the move live & direct but were unable to give it a AAA rating, so took no part. Not so on EUR/JPY where our Swing & Relax Strategy spotted a beautiful entry and our 1st take profit was in the bank very quickly. Upside energy was insufficient to produce our second take profit level however and break even the result. In defence of those eyeing short positions (myself included), bad U.S. data helped sustain EURO’s push to 1.2600 where it found resistance and has commenced consolidation around 1.2575.
As a result of yesterday’s rally, Daily Pivot has resumed the ‘Rose’ role nestling itself between the thorns of Weekly & Monthly. That scenario produces mixed signals and I couldn’t agree more.
Despite yesterday’s rally, there still exists downward pressure on this cross but again with the absence of lower lows, it’s tough to go short. Price Action appears to be in a holding pattern circling above Athens Airport. It may be looking for a signal from the control tower whether to land and soar skyward. Watch this space!!
The Day Ahead
I am beginning to understand how Dorothy & Toto must have felt in the eye of the twister – you know something must happen but not sure when and not sure what. The flight path of EURO 125 is very much undetermined and I’m inclined to think that may be the case until Monday, post election Mk2. There may be micro opportunities to trade between altitude levels however and our Hotspots are ready and waiting – let’s have our bags packed & be ready to board.
Have a great weekend & may the Greeks vote wisely.
Geoff Pyne | Certified SurfingThePips.com Trader
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