top of the morning/afternoon/evening to you. Well, what a boring old day yesterday turned out to be – luckly we had a most interesting evening! First, a mini move South, the hint of the same North before wrapping up proceedings pretty much where they started, producing a near doji day. Clearly the market needed to cool down after both Friday & Monday’s rallies.
So the big picture has changed little overnight, except that Asia session has taken price action to our next major resistance of 1.3285 which is now causing price to rebound and re-test yesterday’s highs.
We were absolutely bullish yesterday that’s why we sent what we called an Extra Time Pattern Alert.
Normally we don’t trade after 16H30 C.E.T but yesterday there was a clear Surfing The Pips Pattern screaming at us, that’s why we sent this:
Perfect trade targeting Monthly Pivot for a nice exit.
I can envisage the market will want to pullback a little from this resistance, before testing it again. Price is approaching the upper edge of a bearish channel and this might be a good target if resistance is broken.
For now, I only see NLNS (No Long, No Short) until price re-tests our support trendline (today’s #1 Hotspot) or indeed the untested DP. To go long off the resistance trendline would be very risky, with strong resistance just ahead and to short this bullish trend above DP……..well, no thanks.
So for me, it’s patience required until the hotspot gets a visitor.
Geoff |Certified SurfingThePips.com Trader
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