This should have gone up yesterday but I ran out of time, anyway as I always point out this blog is about learning not signals. As time moves on we are building up a proven history of how this breakout strategy keeps on working, and the reason it keeps working is because we are following the big money. They decide, we follow.
A pretty straightforward breakdown of support from a ranging condition, the attempts at a move higher in price not hooking us in, as the overall trend is most obviously down. On a 5min chart you could have gotten in a little earlier trading a breakout of a smaller range within the larger 15min chart, in both cases the risk is manageable and the potential reward high, a great trade to take on.
Quick look at our currency strength meter to give us an idea of the movers today shows clearly a weakening Pound & Yen and a strengthening Cad. The money will be made on a long CAD trade which has high probability , the money will struggle trying to win on a GBPJPY trade, the worst probability out there at the moment.
One to keep an eye on towards the end of this NFP week is the USD/CHF, currently at a major resistance and consolidating in a 175pip range. Breakdown of support @ 1.1447 or breakout higher from 1.1621.
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