It’s finally here! We’ve begun rolling out false break alerts to PRO members! We are rolling them out in waves to make sure that everything goes smoothly, so if you haven’t gotten your activation email then be patient, all members will have access by Thursday at the latest! If you have gotten an activation email then you’ll see the option for “False Break Alerts” under the Settings tab of PRO Dashboard. If you check it you will automatically receive false break alerts for any of the Swing pairs you are currently receive alerts for. Enjoy and, as always, we look forward to your feedback at firstname.lastname@example.org!
Recap: Our short was triggered on the support break a few hours ago at 1.2910. That short is still open and is hovering around 1.2905 (5 pips in the profit). We are going to let that short ride for now.
The pair is consolidating into a wedge pattern between the top blue falling resistance and the bottom blue rising support on today’s chart. The support has more history behind it as it is an intra-month support that has been tested (and held) several times. The pair has bounced off this rising support yesterday.
We are letting the charts guide us on this one: we are short-term bullish if the falling resistance is broken and bearish if our support is broken.
Today’s Important News Events:
|04:30||AUD Reserve Bank of Australia Rate Decision (OCT 2)||3.50%||3.50%|
|09:00||EUR Euro-Zone Producer Price Index (YoY) (AUG)||2.6%||1.8%|
|*To see a more extensive list of news events (not just those we consider important), visit our forex calendar.|
Trading Idea: We are leaving our short from 1.2910 open with targets at 1.2830 (80 pips). Our SL is still at 1.2960 but we will close and get long if a resistance break occurs (which will most likely occur before the SL is hit if price moves against us!). If we do get whipped out to the topside we will look to re-enter short on a support break with targets at 80 pips.
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