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Daily Outlook: Good morning/evening, PipHutters! I stayed on the sidelines of yesterday’s signal as the pair charged through the resistance zone (1.2750) with so much as blinking on the 30m, 1h or 4h charts. With no confirmation there was no reason to enter short and it is a good thing: the pair eventually got as high as 1.2850! In hindsight I should have given more caution given CandlePro’s buy signal it gave on the daily charts.

Outlook is a bit muddied at the moment as it always is when we have strong retracements in the middle of trends. The question is always “is this part of a larger move to the upside or will we see the resumption of the downtrend soon”. The only answer is “the charts will tell us”, and to that end I see 1.2765 as the key daily support level: above this level I will stay bullish and look for longs, below this level and I will look for shorts on the day.

As always CP users can check multiple pairs/timeframes for intraday candlestick signals and you should watch out for news events on the forex calendar.

Trading Idea: Looking for longs above 1.2765 and shorts below. Trend is a bit muddy right now so standing aside is a good option for this pair, but my primary active trade will be a long with confirmation near 1.2765 with long targets at 1.2790, 1.2820, 1.2850 and 1.2880 for 115 pips profit.

*** For those of you on the CandlePro waiting list check your emails later today, there is an important announcement going out :) ***

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Daily Outlook: Happy September everyone! EUR/USD took the “alternate path” from yesterday’s signal, failing to close below 1.2630 and forming a triangle consolidation wedge on the charts (see chart below). The higher probability outcome of a consolidation pattern at this point is to the downside given the strong 800 pip drop we saw in August.

I took a few short term shorts off the resistance line yesterday, nothing major but enough to keep me interested. I’ll be more cautious today as the tail end of the consolidation pattern is always the most volatile. Today I am bullish above 1.2750 and bearish below 2750 (e.g. looking for shorting opps).

As always CP users can check multiple pairs/timeframes for intraday candlestick signals and you should watch out for news events on the forex calendar.

Trading Idea: Looking for shorting opportunities on confirmation below 2750.

Primary trade will be a short from 1.2730 with candlestick confirmation, short targets at 1.2705, 1.2675, 1.2645 and 1.2615 for 115 pips profit.

Aggressive short would be on a sustained break of 1.2630 to the downside and an aggressive long is a sustained break above 2750 (though be weary of a false breakout short squeeze here).

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