WE are looking a little Bullish but need to bank before 1.3000

Hi

Welcome along readers I do hope your trading is improving….
Well done to those who took yesterday’s trade suggestion.  It took some time for the aggressive buying to come back and test WP, but when it did it gave us a lovely low test bar and a nice winning trade.  Many will have cashed in but those that are still in it will be up around 3% and enjoying the current price action.

Context
The market continues to wait for the next shock announcement, as it watches Greece and especially Spanish bond pricing. Much uncertainty is creating a market with out conviction in direction.

Technical Analysis
The Daily Pivot has crossed weekly pivot in what is always an important sign for us. In addition to this bullish formation we have an ascending Triangle forming on the 30 minute chart.
The 4H chart is unclear with a lower high, and a higher low.

The Day Ahead –  
Today is much the opposite of yesterday, with a short having to follow a bigger move than the long. The short will need to break and Retest WP…. While the long can come on the break of the triangle. WE are looking for a break of the triangle and a move up, we expect it all to happen pretty slowly today.
Bias- Just not sure at the moment
 NO TRADE:  I won’t trade the area between daily pivot  and Weekly pivot.
BEST Short entry;  An aggressive sell breaking weekly pivot and then retesting WP with a price action reversal.

BEST Long Entry.. We can enter on the break of the triangle, which is aggressive, or wait for price to come back and test the level. The cautious approach makes more sense in a quiet market like this, but its not the one I am considering. If we get in we want to bank some profit before 1.3000.

 RED NEWS Today
 10:00am EUR German ZEW Economic Sentiment
1:30pm USD Core CPI m/m

If you have any questions you can submit them here or email me at Paul@paulbotterill.com

All the best
PBT