March 5, 2013
- in Uncategorized by schooloftrade
Euro Anchor Chart Prep
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Euro Anchor Chart Prep |
The anchor
chart on the Euro Currency Futures is trading lower this morning after breaking
new lower-lows below the major bullish price-channel support around
1.3200. We can see a strong bear
price-channel along with major support levels on the way down.
chart on the Euro Currency Futures is trading lower this morning after breaking
new lower-lows below the major bullish price-channel support around
1.3200. We can see a strong bear
price-channel along with major support levels on the way down.
We can see
support levels on the anchor chart at 3060, 3015, and 2740 from the major
swing-high and swing-low above us.
Specifically, we can see price-action trading sideways right on top of
the 3060 which tells us the market personality is lacking conviction in both
directions. When you add the bearish
price-channel to this scenario we know that a new lower-lows and a retracement
back into the red cloud is a perfect scenario to get short on our entry chart
timeframe using the proper short-signal.
support levels on the anchor chart at 3060, 3015, and 2740 from the major
swing-high and swing-low above us.
Specifically, we can see price-action trading sideways right on top of
the 3060 which tells us the market personality is lacking conviction in both
directions. When you add the bearish
price-channel to this scenario we know that a new lower-lows and a retracement
back into the red cloud is a perfect scenario to get short on our entry chart
timeframe using the proper short-signal.
 |
Euro Anchor Chart Prep |
The entry
chart shows us the medium-term bearish price-channel and we are trading right
at the highs this morning which means the buy-side will be lower-percentage and
more dangerous trying to buy into this type of resistance. We would love to get short at the highs of a
bear price-channel and take our profit-target at the lows.
chart shows us the medium-term bearish price-channel and we are trading right
at the highs this morning which means the buy-side will be lower-percentage and
more dangerous trying to buy into this type of resistance. We would love to get short at the highs of a
bear price-channel and take our profit-target at the lows.
We have
concerns about the narrow range we see from yesterday’s price-action. We hope today will have more trading range because
we need to beware trading in this narrow price-wedge and we cant do much until
we get a breakout.
concerns about the narrow range we see from yesterday’s price-action. We hope today will have more trading range because
we need to beware trading in this narrow price-wedge and we cant do much until
we get a breakout.
 |
Euro ENTRY Chart Prep |
If price-action
moves higher this morning we want to sell the highs of the bear price-channel so
looking for a fake-out-breakout to the upside only to come right back down and
we will get short below the highs of the price-channel. Another scenario for rising prices is to look
for another selling opportunity at the 1.3100 using the InsideOut Set-up to
look for another fake-out-breakout.
moves higher this morning we want to sell the highs of the bear price-channel so
looking for a fake-out-breakout to the upside only to come right back down and
we will get short below the highs of the price-channel. Another scenario for rising prices is to look
for another selling opportunity at the 1.3100 using the InsideOut Set-up to
look for another fake-out-breakout.
We can get
long above the 1.3076 resistance however the narrow range from yesterday combined
with the bearish price-channel and the bearish price-wedge we know the fake-out-breakout
is a very likely scenario, so getting long before we get above the 1.3100 does
not look to be where high-percentage-trades will occur. We want to sell short using the overhead resistance
levels.
long above the 1.3076 resistance however the narrow range from yesterday combined
with the bearish price-channel and the bearish price-wedge we know the fake-out-breakout
is a very likely scenario, so getting long before we get above the 1.3100 does
not look to be where high-percentage-trades will occur. We want to sell short using the overhead resistance
levels.
