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Good morning traders.

Things didn’t quite go to the plan I had in mind for yesterday. I was expecting a test of the 1.15 level but that clearly was not what the market had in mind. When your plan doesn’t come together what do we do? We move on. It happens. Next.

Actually before we do I do want to point out that while the bigger move didn’t materialize our levels still produced scalp profit opportunities. All 3 levels S1, S2 and S3 recorded bounces of around 20 pips. So depending on how you trade – there was still money to be had – even if it was not to the overall plan.

That´s why I trade what I see not what I think.

However, when it comes to the performance update I´ll record a couple of losses here for good measure.

So, what’s up for today?

The Daily chart

From the chart there´s still a chance we move higher although its less likely. Maybe we will have to take some downside for now as we have thanksgiving in the US on Thursday and perhaps traders are mindful of the push down in equities and turning to the USD for safety. But if we do come down, the 1.13 level would be support for an inverse head and shoulders pattern on the daily. We will no doubt see what happens.

The Hourly Chart

Support & resistance are noted. It´s unclear to me which way we may go overall but I will be watching the levels and the price action on the lower time frame charts and trade accordingly.

Have a good day!

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Mark Wogan

Mark Wogan

Hi. I started my investing / trading career in 2000 and since 2011 I have been trading on a full time basis.

My focus here will be the currencies and in particular the EurUsd pair and I will post my charts on a daily basis marking up the levels I´m interested in and comment on the bigger picture context and anything else I´ll be watching out for during the day.

I also do a little coaching on a one to one basis so if you´re interested in learning how to trade just give me a shout and we can have a quick chat.

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