Turtle Trader inspired trend following strategy, buying strength and selling weakness.
Market locked in a range with a high close above the upside limit on 07/01 and an expected pull back on 08/01. 09/01 will see the market follow up on a move to test 1.15 or pull further back into the historic range.
Trade opportunities for a trend trader are buying a break of 1.15 betting on a move further to the upside to retrace into the prevailing weekly downtrend before looking for a long term break to the downside to continue following the prevailing weekly down trend.
Upside scope limited likely to 1.18 where major resistance is present creating an opportune time to follow the market short again to test 1.13 and lower.