3:35a GMT - Great pips made yesterday as both the primary and secondary trades were tripped for good pips. Primary trade was a sell in the 1.3650 vicinity (the pair hit 1.3654) and the secondary trade was a break below 1.3535. I missed the initial thrust into 1.3650 but shorted the hanging man at 19:00 gmt with a tight stop that caught the major drop.
Daily Outlook: Well it was another day of lower lows and lower highs confirming our bearish downtrend. Just for fun take a look at your daily chart and see how far we've dropped since December - over 6000 pips! Those following the signals here at PipHut have been selling all the way down and reaping the profits as a result. Going into the weekends I am always more cautious as I hate to have open trades over the weekend but I am still looking to short rallies as long as the bearish trend continues.
Trading Idea: Going with the conservative weekend approach I will look close at 1.3650 area for a rally to short with targets at 1.3615, 1.3585 and 1.3550. A much more aggressive trade would be to look for shorting opps at 1.3535 (former strong support is now resistance) or a break of 1.3440 to the downside.