G’day Surfers, we found some Bulls.
We had an interesting start to the week with Asia Session producing retracement, rally, retracement. London began in consolidation before heading South to test Daily Pivot, as expected. Our Pattern Alerts produced the goods again – on a nett basis. An imperfect long Pattern Alert appeared near the end of the lateral consolidation. Unfortunately it triggered by one pip before the market remembered it needed to visit Daily Pivot and headed South (producing a very small loss of only 10pips). As it turned, Price Action delivered a beautiful Surfing The Pips Secret Pattern which took some time to trigger but then produced a 50 pip run to the North. No AAA trading setups but a nice 40 pip nett result on Pattern Alerts.
First thing to notice today is a rare sight of late – Daily Pivot has crossed Weekly to the upside. Before excitement takes a grip, it’s very early days to be calling a Bull run. Certainly Price action has broken back above our long term Support Trendline which is now being re-tested from above but Euro still has a long road to safety. The “battle” of this trendline is technically crucial so I expect a decent scrap at this level, before we see a break away. Daily Pivot has today, been tested but is likely to be centre of attention for a little while yet. Trendlines are difficult to find so finding an entry will not be easy in what is now a Mixed bag, as far as clear direction is concerned.
The day Ahead
With Daily Pivot, Weekly Pivot, Support Trendline and Resistance Trendline converging right where Price action finds itself, you would expect an explosion of some sort. My third eye is unable to detect which direction that’s likely to take as even our Hotspot is at a crossroad. Maybe Price Action will deliver an intraday Hotspot that is a little clearer – I hope so!! Very much a case of paying close attention today – should be an interesting session.
Geoff Pyne | Certified SurfingThePips.com Trader
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