April 25, 2012
- in Uncategorized by schooloftrade
Euro day trading strategy
The euro has been trading sideways and narrow the past 2
weeks, and finally this morning with the dollar index making new lower-lows the
euro pushes new higher-highs. We can see
a BIG CLUE on this 89-range chart with the bear/failure of the bullish AB=CD
Pattern when price moved above the 1.3222 also above the PHOD. This technical pattern FAILURE is a big clue
for the potential move higher very easily now.
weeks, and finally this morning with the dollar index making new lower-lows the
euro pushes new higher-highs. We can see
a BIG CLUE on this 89-range chart with the bear/failure of the bullish AB=CD
Pattern when price moved above the 1.3222 also above the PHOD. This technical pattern FAILURE is a big clue
for the potential move higher very easily now.
We can see the long term bull price channel on this 89-rangechart, and when we break above the PHOD we then can buy the lows of this price
channel as the high-percentage trades.
HEADS-UP if the buyers fail on the euro to push higher prices, we will
sell back below the PHOD which will be a buyer failure as well as the
opportunity to sell the price wedge highs as resistance.
The 55-range chart on the euro shows us a new short term trigger-zone
as resistance at 1.3245 which explains why the price has stalled above the PHOD
when it SHOULD be moving quickly higher.
We now need to stay patient, and buy pullbacks above the resistance at
1.3245
as resistance at 1.3245 which explains why the price has stalled above the PHOD
when it SHOULD be moving quickly higher.
We now need to stay patient, and buy pullbacks above the resistance at
1.3245
The 34-range chart shows us a short term bull price channel anda VERY BIG AB=CD Pattern clue showing us additional resistance above the range
highs. We wanted to buy pullbacks above
the PHOD and the new higher-highs but with this additional resistance at 1.3242
we know the sellers are trying hard to reverse off the highs and move lower.
Remember the STRONG dollar index correlation on
the euro, and any other currency futures market, so check the heat map on the
blog every 30 minutes looking for clues in dollar index market personality.
