I certainly hope you were able to trade one the “StP Special” yesterday and collect some pips. The ever reliable Shark that we asked the market to deliver arrived to perfection albeit whilst I slept (you get that living on Australia’s East Coast). We had a beautiful hotspot yesterday which produced the only acceleration point during our trading hours. Because we followed our trading strategy (7 holy steps) – we got the pips. When I reviewed the day’s price action after I woke, it reinforced just how reliable the StP Strategy really is. Sure, the entries are few currently, but effective when they arrive.The current range of the EUR/USD is very tight and to make pips when the market is thus, says it all.
The explosion I have been expecting is yet to come – maybe today’s the day! Yesterday I was confident that the breakout would be North but today I see definite possibilities to the South also. My analysis tells me we have a mini Head & Shoulders on M30, lower highs and higher lows and a near Doji on Daily. If that sounds like a mixed scenario – it IS. My sentiment is still bullish however (as are our pivots) and feel our Northern Daily Critical Zone at 1.3285 is in line for a further test (if not break) today.
I have two hotspots today: #1 a little unconventional (but my favourite of the day) as I isolate the confluence of an intraday resistance trendline, with the neckline of my mini H/S support trendline. Like yesterday, they converge very close to DP. #2 is the strong resistance trendline near the triple top level of yesterday. If StP patterns appear at either, look forward to some more pips.
Happy surfing everyone.
Geoff | Certified SurfingThePips Trader