Daily Outlook: The marvelous melt-up trudged on today as the market continued higher. We didn't take any positions yesterday but traders taking the aggressive trade (short from 1.3740) got about 35 pips in the profit and the primary, conservative trade (long from 1.3650-3680) never got triggered though I know that didn't keep some of you from going long around 3715 and catching some pips. The main bullish trend over the last week remains very much intact:
Despite the seemingly never-ending upward climb, and the fact that it is a Friday, we took a small short position around 3815 in anticipation a re-challenge to the black support line from the hourly charts shown above (currently around 3760). At 3760 we will watch for a bounce - if there is none and price charges through then we will keep the short open for a bit before closing before the weekend. If there is a bounce we will likely close and be done for the week. If it weren't a Friday we would close and wait for confirmation to go long around 3760.
Trading Idea: We have a small short going from 3815 with targets at 3795, 3775, 3750 and 3720 for 95 pips.
If it weren't Friday we would also look to get long again near 3760 with confirmation and targets at 3785, 3815 and 3845 for 85 pips.