G’day Surfers, on a very solemn day in Australia (Anzac Day – where we celebrate the incredible alliance between Australians & New Zealanders who served together in conflicts abroad) its once again wonderful to listen to the sound of pips flowing into our a/c’s.
We proved the old adage “there’s more than one way to skin a cat” to be true. Keen to find an entry long, our discipline prevented us entering the market on M30 strategy due to news releases – no problem, a nice Surfing The Pips Secret Pattern unfolded on H4 Chart, prompting a Swing & relax order that triggered very quickly, giving us a TP1 of 15 pips which is now safely in the bank and we are trading in profit still.
With Swing & Relax firmly in the groove, a very similar setup appeared on GBP/JPY. Similar setup – same result as we entered long at 131.15 and safely tucked another 20 pips away with more ticking over, as the morning progresses. The EUR/USD entry in particular is an excellent example of playing the market, rather than allowing the reverse to occur.
Though still quite congested and with signals still mixed, its particularly heartening to see price action responding to our analysis and acting in a technical fashion, when fundamentals are not dictating terms. Daily Pivot is now very cosily positioned between Weekly & Monthly telling us that the market is still lacking direction. Yesterday’s rally failed to eclipse the high of last week and has confirmed strong resistance at around the 1.3215 level. On H4 chart – this has created an ascending triangle, suggesting a continuation, yet on H1, I see quite the reverse (not surprising given the choppy nature of this market).
The Day Ahead
We have some nice lines to play with again so I’m keen for the market to come and play with us again. Remembering we are already long and in profit on this cross, I would need to see a AAA setup to increase my stake taking a long but it’s not out of the question. With Daily Pivot tested in the previous candles, all options are available to us so as usual, the reaction of the market to our trendlines, will dictate my reaction to it (the market).
For the record – my long target of 1.3285 is still in sight so my sentiment is with the bulls. We are right on a hotspot now – maybe some early action.
Have a great Wednesday.
Geoff Pyne | Certified SurfingThePips.com Trader