ForexSpirit

Currently in a EUR long position.  There has been a pullback overnight.

There were mixed EUR data releases that obviously factored into the pullback.

There is significant US data released later today.  There is a greater probability that there will be continued EUR strength as a result.

Last night I was debating whether to take profits around the 1.2160-70 level.  I held on to my position.

In hindsight, I should have taken profits, and then re-entered the market if a pullback
occurred (which is exactly what happened).

Looking at the detrended oscillator in the chart above, it was at an equivalent high last night, signaling that there was limited potential for continued immediate up movement.

Lesson learned: use the detrended oscillator to determine if the curret move is nearing its exhaustion point.  A 150 pip more was nothing to sniff at!

Position was closed out before the close of the markets for the weekend.  Price was in a trading range of 1.2080 to 1.2140 during the NY session.  US data ended up having very little clear impact.  Closed out position to be all square over the weekend.