While we hit target at 1.1326, the actual target was supposed to be written 1.1340 exactly. However what concerned me about 1.1340 was it required a range break, a break achieved by violation of 1 pip. 1.1340 is an “on the verge” number because it decides if days ahead we go higher. The fact that 1.1340 broke even by 1 pip should say we go higher in days ahead. Again what’s driving prices is Mid sections of the curve expanded so ranges opened wider. Yet the gap is closing severely and if it continues to close then the 1 pip range break violation means nothing and we head lower. So while 1.1340 hit, its not just an everyday target number due to its significance. With a significant number in front of us, a failure could’ve occurred easily. What’s most important here is we continue to earn, never lose and earn pips as easily as possible as we’e been doing for 40 + days now and 200 + trades. What’s also vital is I don’t place readers money in jeopardy by taking questionable chances. This I have not done nor will ever do. I operate with brains, knowledge and understanding first and foremost. We still gained + 44 for the day. We now must address the shorts.
EUR/USD. Bottom. 1.1289. Range break above 1.1459, Below 1.1214. Overbought sell point 1.1407. Strategy. Longs above 1.1347, Target 1.1407, Failure point 1.1377 – 1.1392. Target me at 1.1407 then reverse short to 1.1376. Target met at 1.1377 then short to 1.1360. Points on the way up,1.1351, 1.1364, 1.1377, 1.1392, 1.1407.
Shorts below 1.1345, Target 1.1317. Watch here for reversal to 1.1345. Points Below 1.1317 on the way down,1.1340, 1.1333, 1.1326, 1.1320, 1.1304, 1.1289 Bottom. Point 1.1317 must cross to go higher.
Plenty more trades coming today and over weekend. To reiterate. I see nations only nothing else. Always many thank you’s to readers and views. Always thank you’s to friends at fxstreet. We’re growing here.
Brian Twomey, Inside the Currency Market, btwomey.com