G’day Surfers, great to be “back in the water” after what seems like an eternity away from the markets. Lots of distractions have been keeping me from my passion but board is waxed and ready to ride some waves.
The very first thing I notice when doing my analysis is that the rally that began when last I was with you, has continued………………until NOW! Asia session appears to be preparing for some not so good news out of the Euro Summit today. Sadly, it’s the same story guys – fundamentals are shaping the market and today has to be traded with caution. Because news out of the Eco Summit could come anytime – we need to tread as though on broken glass.
That’s not to say we pack up the surfboard and go to the movies – it’s business as usual – our analysis needs to be done and we keep watch to see if the market will come to us.
As I said, Asia has delivered an 80 pip dip to touch my early hotspot and price has bounced a little from there. Pivots are mixed yet slightly favouring the bulls, but price is now below DP. To enter long, I would need to see a break of the support trendline, re-entry above it (preferably testing DP from below) and then a master candle giving me an entry.
To enter short, I would like some consolidation around DP then a long tailed candle touching the support trendline or for Dream Teamers – maybe even a Church setup.
Time will tell of course and I repeat – caution required.
Have a safe and happy trading day
Geoff | Certified SurfingThePips.com Trader