Recap: The markets are continuing to poke along, with the average daily range tightening. While in the short-term this is difficult for us swing traders as it causes lots of false breaks, a tightening daily range always leads to sustained breakouts and new trends – a swing traders dream. Thanks to our false break system though we continue to keep losses very small and will cash in when the large swings begin anew.
Our long was triggered at 1.2715 on the 11:37 UTC resistance break but then closed 23 minutes later when our entry candle closed at 1.2714 for a ONE pip loss.
The downtrend (since mid-October) is still going strong with another low put in yesterday above 1.2760. This latest curl back has created an aggressive rising support and we are looking to get short again.
Today’s Important News Events:
|09:30||GBP Jobless Claims Change (OCT)||-0.0K||-4.0K|
|10:30||GBP Bank of England Inflation Report|
|13:30||USD Producer Price Index (YoY) (OCT)||2.6%||2.1%|
|13:30||USD Producer Price Index Ex Food & Energy (YoY) (OCT)||2.4%||2.3%|
|13:30||USD Advance Retail Sales (OCT)||-0.2%||1.1%|
|19:00||USD Fed Releases Minutes from Oct 23-24 FOMC Meeting|
|*To see a more extensive list of news events (not just those we consider important), visit our Forex Calendar.|
Trading Idea: Short on a support break with TP of 70 and a SL of 50 pips.
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