EUR/USD Short Entry Before News

Good News came out from the US with New Home sales but the Banks were in the move before the release approx 1 hour before the release.

EUR.USD Possible trade entries

Here are 2 charts looking at areas of entry points the hourly gives us the bigger picture and the 5 minute is a drill down as to what is happening in detail - I closed my entry with plus 5 pips as high volume came in after the break of the trend line - may look for re entry on the re test of the trend line or wait for tomorrow.

1 Hour

5 Minute

EUR/USD

Technically
I kick myself for not taking this trade as I saw it happen before my eyes and decided not to take it as I was all geared up to take a short later on but looking back it was a perfect counter trend trade.
Looking at the hourly chart you can see negative divergence, also price has been coming down through the Asian session, which on the London open "New Session" is more often than not change direction.
Now drilling down to the 5 minute chart also there is negative divergence and also high volume on the red down bar, pushing in through the support level to suck the retail trader into going short but price moved back up through support and tested it before moving higher plus 120 pips to be precise. Next week I will be looking for long setups. The high volume towards the end of the day in my humble opinion is pushing volume another words you need huge amounts of volume to push through and hold prior to next days opening.
If you check out my previous post on the Weekly we are at a crucial trend line so some bounce off that is expected and also the major support at the 1.2624 level price seemed to hit the angled up trend line first.How far up it goes I don't know.

Fundamentally
is see some weakness in the Dollar due to poor Philly Fed results also there is further talk on the wires of the "Twist" coming back which is similar to having quantitive easing rumored.
Also the G8 Meetings this weekend could have caused positions to be closed causing a squeeze to the upside.

One Hour Chart

Five Minute Chart

First 2 hours of Facebook

First 2 hours of trading Facebook IPO on a minute chart. Not the most fantastic performance considering all the hype..

G8 Meetings

Potential Trade for today