Daily Outlook: A few times a year (though we should probably do it more often for own benefit) we like to remind you to KISS - Keep it Simple Stupid! Take a look at your chart - is it packed full indicators to confirm other indicators which are used to confirm moving averages which are used in conjunction with PipHut analysis? If this sounds like your chart then you are probably in dire need to simplify your trading style and get back to basics.
No matter how many indicators you throw on your chart the market will always be unpredictable - the only thing we can do as traders is look at the one technical that actually matters - price action. Trend recognition, candlesticks, support, resistance, etc - these are the absolute fundamentals of technical trading. For PipHut's analysis we use a very simple combination of these four basics and most days we are able to put a few pips away for, well, whatever we want those pips for :). We aren't telling you how to trade, just asking you to think about how you can simplify your system and get back to what actually matters - the price.
Primary support we were tracking from yesterday's signal was broken, triggering our short and got +35 in the profit - we closed for less than that however as we were giving the trade room to breath to let our profits run.
Trading Idea: We are backing out our S/R lines today to reflect the large consolidation pattern we are seeing on the hourlies. 1.3275 is our key support at the moment and we will look to get short below that level for a run at closing the weekend's gap. Targets at 20/20/30/30 pips for 100 pips profit.
If that break is not sustained, however, we will look to get long off the 3275 support for a trampoline bounce to the blue intraday falling trend resistance shown on the chart above with targets at 20/30/30/30 pips for 110 pips profit.
Aggressive setups are also shown on the chart above.
PRO Update! As promised here is a small, small peek at some of the exciting features coming to PRO soon. All of the new features are designed to make CP and PRO Analysis easier to use, trade and - most importantly - easier to profit with right out of the gates.
The below screenshot is actually the new CandlePRO search results with the TP/SL Backtesting being shown (shown and hidden by clicking the Backtesting button). On the backtesting you'll see that TP/SL data is now being provided for several different built in strategies - Pullback strategy, RR Strategy, Scalping and False Signal Strategy.
To the left of the green backtesting button you can also see the PRO Chart button (which we might rename S/R Chart - we'd be happy to hear your feedback). Click this and an S/R chart will appear for the pair - with S/R levels hand drawn by PipHut and refreshed every 10 minutes so there is no longer any guessing about whether an S/R level is broken on our charts
Exciting stuff! As we mentioned this is only a small glimpse at the new features we will be rolling out soon. Others include email notifications for your CP strategy, email notifications for PRO S/R breaks, Journal Dashboard, etc etc. Stay tuned!