Daily Outlook: It was one of those great days yesterday where all the signals lined up perfectly to toss pips into everyone's pockets :). I entered on the 15m 14:00 bearish engulfing (nice R/R in CP), but some nice confluence unfolded: the bearish engulfing turned into a 3outdown on the 15m 14:15, which turned into a bearish engulfing on the 30m 14:00, which then turned into a 3outdown on the 30m 14:30. Talk about a domino effect of confluence.
I'm still bearish on the pair today and will look for a pullback to 1.2670 resistance to add to my existing short.
As always check the forex calendar to avoid event risk and CP users can utilize CandlePro for intraday candlestick trades.
Trading Idea: Primary trade is a short on a pullback to 1.2670 resistance with confirmation, short targets at 1.2645, 1.2615, 1.2585 and 1.2555 for 115 pips profit. I'll look a bit lower as the day goes on.
An aggressive short would be on a sustained break of 1.26, targeting 1.25 for 100 pips.
The more conservative short can be found near 1.2730 resistance, with targets down to 1.26 for 130 pips profit.