We took a nasty 20-point stop in Aussie this morning before buyers came back in to pin us up right against this mornings 0.8360 breakdown level. Tough luck, but I have to tell you, these markets in here are not for the slow-handed, timid trader. You need to have your levels laid out well ahead of the 7:00 a.m.bell, and went things start moving, strap in and trade your levels and ideas with conviction.

Speaking of trading with conviction, the second part of our trade plan was to bid for Sterling between 2.0005 and 2.0025. If you watched this morning's price action, you were probably thinking the Pound was coming apart at the seams; it was in a near free-fall. 2.0011 was the low print and your bids were filled between there at 2.0025. In 20 minutes, Cable came in 2.0060 bid, to a 2.0072 high bid. We currently trade 2.0057 with a bid tone. So if still long, moves stops to cost, and hang onto them for a possible move through this morning's 2.0070 area high.

Todd Gordon is a Technical Currency Strategist and Fund Trader with GAIN Capital Group.

Disclaimer
The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.