Happy New Week Surfers,
I trust your weekend was full of fun or rest as your want may have been. A brand new week brings a fresh look at the markets and I do believe we have some positive signs for our StP strategy. Although it’s early days, the immediate uncertainty surrounding Greece appears over as the Greek Parliament voted yes for the latest bailout package. Whilst that won’t quell Greek rioting, it may allow the Euro to settle into a trend for the time being.
A good deal of Friday’s 170pip crash has been recovered through the gap and Asia trading, so the bullish trend of the last few weeks may well continue. Certainly our pivots are in perfect bullish order and the only bearish signal appears to be the open gap (interesting to note that DP & WP appear as “the gates to the gap”). We have just seen a break of our new resistance trendline of nearly 40 pips to DR1 however, making a long entry difficult right now. We must now wait for price to either return to our 1st resistance trendline or reach our second, before entry is possible. I am not keen to short until price reaches our support trendline and confirms lower highs and lows.
We are pretty much news free so if the price comes to our hotspots, it’s full steam ahead.
Happy surfing everyone.
Geoff | Certified SurfingThePips.com Trader