four + = 11



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Free Daily Analysis | Let The Ping Pong Re-commence

G’day Surfers, let the ping pong re-commence!

That’s pretty much what we’re getting isn’t it?  Monday: 84pips up/97pips down. Tuesday: 66pips down/89pips up/136pips down/56pips up. Wednesday: 26pips down/77pips up/??????  The result of all this up and down range trading, is that price action is just 20pips from Monday’s open. Despite this little issue, the good news is that price action is reacting off our lines and coming to our hotspots. The bad news is, when it gets there it’s like the train that doesn’t stop at our station – we can’t get onboard………well not YET!
Our patience will pay dividends to us for sure if we continue to follow our 7 step strategy – after all, there’s only one step missing.

Today we have another bounce off our daily critical zone after the Euro lost ground yesterday, despite good news out of Germany. The entire picture is telling me the market is still very uncertain and the pivots agree with me as DP wedges itself between Weekly & Monthly. So trading will be tricky – we have a decent flag forming, signalling a potential continuation South but price action remains above a month old bullish trendline and continues to bounce off our DCZ (Daily Critical Zone), potentially in search of the next one.

 

If you are getting the message that I have no idea what happens next – 100% correct. But I don’t have to know that, just what to do when price action comes to one of our hotspots and there are a couple available. I have also included a Warm Spot right where price action currently sits – it could be interesting. If I have a Plan A – it’s to see price pull back under the support trendline (possibly testing DP from above), re-enter the long zone and present us with an ABC long. I am very open to what the market presents me however.

 

Happy surfing all.

 

 

Geoff | Certified SurfingThePips.com Trader

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