September 25, 2012
- in Uncategorized by schooloftrade
Morning Euro Currency Checklist:
Heat Map
Review:
The heat map
says the euro is NOT a moving market as of 900am EST. this WILL change, and the (DX)Dollar-Index correlation
will be the biggest reason for the change.
says the euro is NOT a moving market as of 900am EST. this WILL change, and the (DX)Dollar-Index correlation
will be the biggest reason for the change.
OvernightHighs & Lows:
We can see a
range-bound market personality on the 30-min chart of the euro. The lows overnight were tested and they
hold. We made new higher-highs above the
overnight highs, and then just recently we see two large candlestick wicks
which tell us these buyers do NOT see more potential to the upside. When we see a double-bottom at the lows, and
these wicks at the highs below the PHOD we know this market personality is
range bound, and this tells us to buy-the-lows at support and sell-the-high at
resistance. Easier said than down, no we
need to WAIT patiently.
range-bound market personality on the 30-min chart of the euro. The lows overnight were tested and they
hold. We made new higher-highs above the
overnight highs, and then just recently we see two large candlestick wicks
which tell us these buyers do NOT see more potential to the upside. When we see a double-bottom at the lows, and
these wicks at the highs below the PHOD we know this market personality is
range bound, and this tells us to buy-the-lows at support and sell-the-high at
resistance. Easier said than down, no we
need to WAIT patiently.
Inside or
Outside Day?
Outside Day?
We are
inside day, above the PLOD and below the PHOD, this confirms a range-bound
market.
inside day, above the PLOD and below the PHOD, this confirms a range-bound
market.
Find the price-structures: · Trigger-zone is support below us
· AB=CD Pattern is bearish and resistance
above us
above us
· Price-wedge is bullish, so buying the
lows is high-percentage-trade.
lows is high-percentage-trade.
· Price-channel is bullish, we are at
the lows of this price-channel looking to be a buyer.
the lows of this price-channel looking to be a buyer.
Wherewill a reversal be likely today?
We expect a price-reversal
at the lows of this major bull price-channel.
We also have the PLOD at 1.2902 and we’re likely to see this act as support
around the lows of the price-channel as well.
at the lows of this major bull price-channel.
We also have the PLOD at 1.2902 and we’re likely to see this act as support
around the lows of the price-channel as well.
What is
our trading plan for today?
our trading plan for today?
We need to wait for the market personality to improve. Our heat map says this market is NOT moving
well today, and when you compare the Euro to the Dollar-Index we can see
why. Stay patient, and looking to buy
with wave-pattern-long above PHOD if we breakout. If we stay within the previous day’s range we
must sell the PHOD first as resistance, or if price drops we will buy-the-lows
at support around the price-channel lows and PLOD.
well today, and when you compare the Euro to the Dollar-Index we can see
why. Stay patient, and looking to buy
with wave-pattern-long above PHOD if we breakout. If we stay within the previous day’s range we
must sell the PHOD first as resistance, or if price drops we will buy-the-lows
at support around the price-channel lows and PLOD.
