G’day Surfers – seems we’ve been here before – doesn’t it??
We asked the market to test/break Daily Pivot, come to our Hotspot on our Support Trendline, then give us a Secret Surfing The Pips Candle Pattern and voila, albeit late into our trading day. The entry signal we received wasn’t perfect but gave us enough ammunition to pull the trigger. TP1 was a swift formality but that was as good as it got with Price Action performing an exquisite pirouette, delivering us a break even trade. Fifty seven pips later another about face and back to re-test our trendline and subsequently Daily Pivot for a 3rd time before spiking 62 pips violently to the South, very late in US Session. Really a trading nightmare and whilst we were unlucky not to bank pips, we did well to survive the yo-yo session.
Price Action all but tested Daily Pivot before assuming it’s normal Asia Session role of consolidation. The only change from yesterday and all this week, is the extra pips added to the gap between Daily & Weekly Pivots (now out to 157). Noticeably, the gap between swing lows is DECREASING and this is telling me the Bears are weakening. As always, we will NOT be entering long on that flimsy evidence, rather waiting for the usual confirmation of a reversal. There’s the hint of higher lows already so watch this space.
The Day Ahead
I’m sure you’re sick of me saying it BUT – No Longs, No Shorts is still the cry. Longs may become possible after we receive confirmation the Bears have gone into hibernation but EURO is under such enormous pressure fundamentally, those Bears keep raiding the Pipnic Basket. You deserve a break from me after that so I’ll simply wish you a happy day.
Geoff Pyne | Certified SurfingThePips.com Trader
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