Yesterday’s indecisive candle added further weight to my view that the $uros to poundsr are likely consolidate further in a sideways move, and until we see a sustained break above or below the regions I mentioned yesterday then it may be best to trade this pair on a longer time frame.   In response to readers who are dedicated intra day traders my advice is that you would need to look at the 10 minutes for some trading opportunities.  As an example I have included two charts – the usual daily above and the 10 minute chart below.  As you can see between 9.30 and 9.50 this morning we had 3 consecutive shooting star candles with prices immediately moving lower and subsequently confirmed at 11.00 with a bearish engulfing signal – a classic set of signals.

As I write the price is still falling so by the time this post goes up you may be able to benefit.   Market gossip attributes the fall to a large hedge funds liquidating its positions and the bad current account figures. This set up is typical of the sorts of scalping opportunities you will find, but the key as always is to be patient and wait for them to come to you – not to force them. This is also an excellent way to improve your trading skills and technical chart reading skills whilst making money. It is also very good for improving your money management and the discipline of placing stop loss orders.

You can keep up to date with the latest live currency charts, latest currency news, $undamental newsthe economic calendar, or help with finding a good ECN broker, simply by following the appropriate link.