G’day Surfers,
you know some mornings you wake up and can smell the sea in your nostrils and just know there’ll be surf. Then you look out your window to see a flat ocean…………….
Well today is a little bit of that but I am hopeful the swell will increase as the day goes on.
Fact is this cross has settled into a 150 pip trading range since the 400 pip crash last week and really is in no man’s land but trapped in a very strong southerly current. Seemingly the harder it struggles to break free, the more tired it becomes and once again is at the mercy of tide.
Not unexpectedly, we now have a definite consolidation flag in the shape of a bullish channel which, as you know signals the probability of a continuation to the downside. Price action has managed to barely keep its appointment with the Daily pivot overnight but in my humble opinion they will want to go there again before too long.
We do have some lines to play with & the bottom of the flag/channel is our #1 hotspot for the day. I also have an intraday resistance trendline that is a little acute but may produce some pips for us as well.
As always, we follow our rules and await StP patterns at our hotspots.
The salt smells good today guys.
Geoff
Certified SurfinThePips.com Trader