It seems like we are in a bit of a range with the 30m chart looking like it wants to break through the 1.7353 level.This is a perfect set up for an Asian open trade strategy. For the most part you don't see new highs or new lows during the Asian session which starts at 7pm EST. I trade the open only when price is close to the days high or low. In this case, price is hovering right at today's high. You can play a bounce off the level, trying to get as good of an entry price as possible. I usually try to stay within 5 pips of the high or low. Beware of some brokers that widen their spreads during low volume hours. Yesterday my spread was 14 pips. I found that out the hard way, after I entered the trade. That was through FXCM. I also have accounts with Oanda and right now their spread is 8. Thats why it is key to get in at the right price.Enough with my ADD tangents. If price breaks 10 pips beyond the high or low during the early hours of the Asian open, there is a good chance it will continue to drift making for an easy 20+ slow moving trade. If price is repelled by the highs or lows, you can trade the bounce for the same. It is never a sure trade, but it is a pretty high % system. Right now, price is through the 55S & 200E according to the HHI4X$ system. We will need to see a good move north to confirm my long bias for this pair.
Be careful out there,
Jeff
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