G’day Surfers – well more pips yesterday spotted by the Pattern Detector, which occurred right on the Warm Spot we flagged as being the “Play of the Day”. I must confess the strength of the move surprised me as the market paid little respect to the DP, crashing through it and WP, on the way to our incredibly reliable level of support @ 1.3285. Predictably, price has bounced beautifully off this level once again and is now hovering above DP at precisely the same level it was 24hrs prior. I certainly hope you took some pips from the “Play of the Day”.
You might imagine the big picture hasn’t changed much, given the above and you’d be right. With the move southward yesterday, market failed to make a lower low on most time frames, which are still giving bullish signals and poised to break to the North out of this week long period of consolidation just above the super strong 1.3285 level. Therefore, sentiment is still with the bulls.
Our pivots remain in Bullish order also, the only thing stopping me from declaring long & strong forever, is the apparent tiredness the market is whispering to me. I see a little rounding at the top of this consolidation and a potential quadruple top. It is this top area which is key for me today and for this reason, I have inserted a Beta rectangle which provides me with a resistance line laying in wait for an StP setup. I have retained most of yesterdays lines, despite false breakouts everywhere. I will likely reduce these as price action continues. In reality, the lines available today aren’t great, perhaps the best of them is the bottom of my channel so I will nominate that as my Hotspot of the day, whilst keeping a keen eye on the rectangle boundaries and of course the convergence of the resistance trendline with the intratrendline.
Geoff |Certified SurfingThePips.com Trader
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