Another hazardous trading day with a plethora of long tail candles on all time frames signifying absolute indecision. Price Action could, try as it may, NOT break the strong support Daily Pivot was supplying until New Yorkers turned up for work and began buying Greenbacks. Very pleased to say we were ready for them – Price Action having given us setups on both M30 & Swing & Relax Strategies. The M30 “A” Signal achieved a fairly timely TP1 but the battle with Daily Pivot delayed the excellent TP2 result quite a while. The fruit was worth the wait however and good exits were available @ +23, +30 or +54. The Swing & Relax trade is still active and we have already banked TP1 @ +15 and our stops are at +25. All things considered, a good day’s work in a hostile environment.
Price Action has pulled back from the overnight low of 1.2218 and is now approaching a test of Daily Pivot. Signals are very mixed, as are our Pivots. On smaller time frames a double bottom has presented but Price Action has formed an imperfect continuation flag pattern suggesting further downside. At this stage I don’t have few lines to accommodate either scenario which renders me powerless until conditions change. I am seeing lower highs & lows on intraday time frames so I have a Bearish sentiment but it isn’t what I would call compelling.
The Day Ahead
I need Price Action to give me a leg up today as I have precious little in the way of Hotspots. Perhaps our Support Trend Line can deliver a setup, should Price Action pay it a visit. I suspect it may be a quiet morning session with the market awaiting ECB deliberations and some high profile News thrown in for good measure later today.
Enjoy your trading day.
Geoff Pyne | Certified SurfingThePips.com Trader
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