As outlined in one of our precious posts we suggested this pair looking short. As we have key fundamental data this week such as pending home sales, non farm pay rolls and many other macro economic data. I believe this data would drive the market down. However, as you are all aware I am primary a price action trader and use the fundamentals just for timing. As you could see I have two targets set out; once each target has been met management would take place to distinguish whether or not the next target is still valid. If so we can look to add to our position or close a portion and adjust our stop loss. If price continues to move up to "D" close to resistance then we would also adjust our entry point.
