Sterling breakout seems smart money pushing new Cash flows in to the pair and looking for more strength towards the opening of U.S session. Stops seen around 1.4587 area . So, its quite a distance away from here. Looking for sell stops orders around 1.4430 now.
More Currencies Updates would be posted here soon
**Euro dollar and Dollar Franc Update would soon be posted on this page. Stay tuned for more updates.
Usd/chf decision engulf looking for next at 0.9900
This is a must watch setup as We have strong respect of demand and supply levels in this Chart, While trading Currencies One must be aware of Price Action Reaction at levels and how price behaves when they take over upcoming or recent supply and demand with easy .
Drop base rally is good structure overall which shows strengths of bulls but alone it does not stands any chance of valid setups but If you combine it with overall picture and structure, then you probably will get idea that some institution or US Bank is looking for strong Dollar ahead of FOMC meet this coming Wednesday.
Trading Charts does require some logical knowledge, because we all have basic technical knowledge and trendlines, patterns, fibos are very well known to each and everybody of us, but do they help us find good probability or spot smart money move in strong manner and my answer is no and that is why Novice trader keep falling in the prophecy and look for proven strategy and fall into myths of Technical Trading.
Soon I will put more insights on thought of current setup and Euro dollar Setup as well as both Franc and Euro has negative correlation with U.S dollar.
Setup closed around 1.4585
It was clinch situation yesterday when I took the trade around 1.4484 and it steep towards 1.4458, and that was the cheap price to buy after breakout but still a good trade overall, I close exactly around 1.4585 and selling bids were found there till found support at 1.4585 again,But I was happy that I pull up nice ride.
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