Daily Outlook: Nearly an identical situation yesterday as Monday - price broke below our key pivot of 1.3730 on the 07:00 candle, triggering our short, but then failed to close below 1.3730 so we closed out our short as per yesterday's signal. Luckily that 07:00 candle only closed a few pips above 1.3730 so we only lost a few pips on the trade. We did miss out on secondary trade however as we were waiting for bullish confirmation and missed out on the 130+ pip rise. But, as we always say: better to miss out than miss your equity!
Pair has been consolidating between 1.3850 (key resistance) and the blue rising trend support shown on the chart above. We are bullish above that blue rising trend support. We are told that something is happening in Europe and Greece but, as always, we are technical traders first and will look to trade what the charts are giving us and not what we think should happen ;).
Trading Idea: Our primary trade is a short under 1.3850 with bearish confirmation and targets at 3830, 3805, 3775 and 3745 for 105 pips profit.
We will also look to get long on a break above 1.3850 with targets at 3870, 3895, 3925 and 3955 for 155 pips profit. If the break is not a sustained break then we will close out the long and look to get short with the primary targets.
Good pipping today and lets learn a little about each others trading styles with today's poll: