I couldn’t sleep last night due to this cough I just can’t shake. I think it was around 1am that I finally crashed, but we were up at 5am to head to the airport by 5:30am.
I’m in SoCal now and the first thing I did once little Geppy finally went down for a nap…
Yep, the in-laws have a sick backyard. After a couple cold ones I managed to zonk out for a 2-hour nap. Better than Robitussin!
Little Geppy is still snoring. He was a champ on the flight and throughout the whole day. You know it was good when the guy sitting directly in front of your kid compliments you on how well he was the whole time.
The Euro started noisy but things are looking up
I didn’t like the price action I saw when I woke up this morning. But I didn’t have time to look at my charts, and I wasn’t about to make any rash moves. I checked things when I got to the airport and we were back in the 1.1840’s.
I knew I’d be ok with the trade if we finished there for the week. So I was quite pleased, and surprised, to see us trading above 1.1900 when we landed at LAX.
That leaves us with a heck of a daily candle, and a nice looking weekly candle with one more day to go. But what I like best of all right now is the look of the lower timeframes.
Notice how we’re trading back above all SMA’s on the 1-hour chart. Also notice how price never closed below that gold trend line support on an hourly basis.
If you panicked and sold your long position this morning, I sympathize. It can be hard to step back and make an objective decision in the face of drawdown.
The 15-minute chart also looks amazing.
Notice the SMA’s are purely aligned to the upside. Price has been consolidating since it ripped up to 1.1930 and seems to be finding support against the 50-bar SMA. That looks like a bull flag if I’ve ever seen one!
I generally have little expectations for much action on Fridays. People tend to be closing out the week and things are lackluster in terms of solid moves.
But the action today makes me think we could see a push higher. I wouldn’t be surprised if we made a hundred pip move higher. Maybe that’s wishful thinking, but I wouldn’t be complaining.