G’day Surfers – here we go again.
Much like any other day of late, Geoff awoke to find EURO/USD had succumbed to gravitational forces and had shed 70 odd pips since a heavy slumber had spared him the agony of witnessing the continued carnage, some four hours prior. Seemingly with no respect for the magnetic forces above, EURO sought refuge where it is clearly more comfortable; falling, falling, falling………… Prior to the now daily event, we spotted a couple of rare opportunities to enter long, seeking to close the chasm between the Pivots. Alas our first order was ignored by Price Action but our second triggered as EURO sought to break above Daily Pivot on it’s gap closing mission. TP1 achieved, our spirits rose BUT – you know the rest…….fall, fall, fall…….Break Even trade!
It would be my very great pleasure to announce that EUR/USD was poised beautifully below Daily Pivot in a Bearish Trend with a nice target 200 pips away and there’s little chance of it not being reached. Although I believe that to be the case, there’s no way I can trade it. I’m sure by now you are familiar with the reasons:
1) Daily Pivot is 127 pips from Weekly Pivot 2) Monthly Pivot is a FURTHER 355 pips to the North 3) There is an open gap in the market. So it must be a simple matter of entering Long right? Uhuh – 1) Market is in a Super Nova of Bearishness 2) No signs of the trend reversing 3) Continuation Flags on all intraday Charts
The Day Ahead
Much like any other day of late, Geoff finds himself in another test of patience; waiting, watching for the vital signs of a market trend slowing and then reversing, that he may pounce on his prey and shove the catch in his larder. Yearning for the day when his faithful pivots return to dwell in the same county as each other, he finds peace in the knowledge that this will indeed occur………….one day!
Stay cool guys
Geoff Pyne | Certified SurfingThePips.com Trader
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