EUR:USD has finally achieved the zone where I've been planning a short entry. Unfortunately it has achieved this level with a huge bullish daily candle and therefore unless you are really aggressive I would suggest it's too early to start jumping into swing shorts just yet.
As we are still in a situation where there remains a lack of very high probability trades that are both ripe and imminent, I'm going to run through the main part of my watchlist showing what I'm looking at right now, why I'm looking at it, and detailing in pictures the simplicity of the type of trading set-ups I trade.
Since the SNB Euro Peg we've seen both EUR:CHF and GBP:CHF rally exceptionally hard to overbought levels. As I was fortunate enough to have participated in the long side of the GBP:CHF move, I'm now looking for signs to enter short ahead of a pull back.
Still keeping my eye on EUR:GBP with the emphasis of taking an eventual position on the short side. I've not quite lined up an ideal entry for this trade but there are a few points of interest worth noting in preparation for the trade.
EUR USD has been slowly crawling down this "supporting" trend line originating from the 2008 highs.If traders really knew where it was going, it would have made it's move by now.If you have an opinion you really believe in, then this chart may help you define relatively safe stop loss levels.