Good morning traders.
Quick update this morning while I find my bearings after a few days away from the chart face. I always find I need at least one day back in front of the price action to get back into the groove, and as it’s the last day of the month, I´ll most likely be in ´observe´ mode for the next 24 hours before I take any trades.
It is always the same for me – I have to catch the mood of the market after even just a couple of days away from the screens. I suspect many full time traders are the same – while the strategy and process are the same, you have to watch pa to get back into the rhythm of the market!
The last time we spoke we noted that the downside looked ripe for prices in our pair now that we have firmly broken below the 1.15 level. We are now stalking the 1.13 level and a firm break below brings in the stops at around 1.11 with not much support until we get to 1.1020 ish.
We could of course form a double bottom at 1.13 so I will be keeping a close eye on the action around here.
From the chart levels I suspect any push up to the 1.1380 level would be a good opportunity to catch the down move but as it is the last day of the month with some re-balancing of portfolios on the cards and NFP (Non Farm Payrolls) on Friday I will be in scalp mode only if I take anything.
As ever, have a good one – only trade the levels after watching the pa on the ltf charts and keep your stops tight.