So that’s another day done, and it’s been a pretty decent one as far as getting in and out according to our intraday strategy is concerned. Price was relatively inactive over the weekend, as we’ve mentioned a couple of times over the last few days, but things finally seem to be moving now, and while we aren’t seeing any overly dramatic breakouts, we are getting some nice entry opportunities. When it comes to our intraday strategy, the opportunity to get in and out of the markets is all that’s really important. Our targets are predefined, so sustained momentum (beyond a certain point) isn’t always necessary.
Anyway, we’re about to move into the US afternoon, and beyond that, into the Asian session this evening. If the recent action continues, we should be able to pull a couple more profits from the market.
So, with this in mind, and as we shift forward into the session, here’s a look at what we are going for in the market tonight, and where we are looking to get in and out of the markets according to our intraday strategy. As ever, take a quick look at the chart below to get an idea what’s on before we get started. It’s a five-minute candlestick chart and it’s got our range overlaid in green.
As the chart shows, the range we are focusing on for this evening is defined by support to the downside at 1072, and resistance to the upside at 1081. Just as with this morning, we aren’t going to go at price with an intrarange approach on this one, it’s a little too tight.
For our breakout entries, we’ll look to get in long on a close above resistance with an immediate upside target of 1090. Conversely, a close below support will put us short towards 1064. Stops just the other side of the entries define risk.
Charts courtesy of SimpleFX