Also a thought struck me the other day: the second anniversary of PipHut came and went and I was too busy to notice! PipHut has been around since July of 2008 now. In that time I have published hundreds of signals, gathered thousands of followers and, thanks to you all, there are some 50k comments.
Daily Outlook: Same as always: long-term trend is down, short-term is up. Market was undecided yesterday as the pair left long wicks on both the top and bottom of the candle and ultimately closing bearish on the day.
My preferred strategy is still to buy on dips until there is clear evidence the downtrend is continuing. As always check out the forex calendar and candlestick alerts for more intraday trading signals.
Trading Idea: Primary trade will be to long on a dip to the 1.2830-2850 region with confirmation. Long targets from 1.2840 are 1.2865, 1.2895, 1.2925 and 1.2955 for 115 pips profit.
A more conservative trade would be a dip to 1.2800 where there is stronger daily support with targets back up to 1.30 for 200 pips.
Finally the most aggressive trade would be to treat the daily candle as indicative of indecision (aka reversal point) and to short with a SL above 1.31 and a short target down to 1.27 and beyond. Personally I feel more confirmation is needed before looking for this longer-term trade.
(click to enlarge)