We kept checking the charts yesterday, hoping the technical picture would improve but it just never did. And waiting turned out to be the right call as most of the aggressive S/R lines we were tracing would have been false breaks if we decided to enter. The markets are poised for big moves this week, and conditions for swing trading are improving with breaks crisping up a bit in July.
Yesterday’s EUR/USD Signal Result: Our short was triggered on Friday at 1.28776 – right before the big drop and right in line with our forecast. the only problem? A weak entry candle that kicked us out of our short on the false break signal that was subsequently generated for a 7.6 pip loss.
Today’s Signal: We are once again tracking a rising support, and the trend is bearish, but we already have a similar, better setup running on GU right now so we will stay flat for the day on EU. Aggressive traders could extend out our rising support (bottom red line) and look to get short on a support break or, better yet, look for reasons to get short on rallies.
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Swing Outlook Positive
General Market Commentary:
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