February 29, 2012
- in Uncategorized by schooloftrade
day trading strategy for the euro currency futures
The day trading strategy for the euro currency futures
starts with the 89 range chart and we can see we’re at the highs of the bull price
channel, the trend lines as resistance overhead, and the inside trading day
below the PHOD. With price off the highs
we need to stay patient and wait for the euro to re-test the highs or the lows
of the current range, and remember the Euro has a strong dollar index correlation
so use that as your guide.
starts with the 89 range chart and we can see we’re at the highs of the bull price
channel, the trend lines as resistance overhead, and the inside trading day
below the PHOD. With price off the highs
we need to stay patient and wait for the euro to re-test the highs or the lows
of the current range, and remember the Euro has a strong dollar index correlation
so use that as your guide.
The 34 range chart further-defines our day trading strategy with
a short term bull price channel, a double-top with 3 levels of support, and a
new trend line support that defines a price wedge inside the trading range from
Tuesday.
a short term bull price channel, a double-top with 3 levels of support, and a
new trend line support that defines a price wedge inside the trading range from
Tuesday.
Inside day tells me to sell the highs and buy the lows,
trading INSIDE the range we’re in, looking for fake-out breakouts. Buy the PLOD and sell PHOD. If price moves above the PHOD we buy pullbacks
and if it goes below the PLOD we sell retracements.
trading INSIDE the range we’re in, looking for fake-out breakouts. Buy the PLOD and sell PHOD. If price moves above the PHOD we buy pullbacks
and if it goes below the PLOD we sell retracements.
The price wedge tells us to do much of the same, look for fake-out
breakouts sell the price wedge highs and buy the price wedge lows. The price wedge also tells me to fade-the-breakouts
when we see the buyers or sellers fail above or below support and resistance.
breakouts sell the price wedge highs and buy the price wedge lows. The price wedge also tells me to fade-the-breakouts
when we see the buyers or sellers fail above or below support and resistance.
The bull price channel tells me to buy at support as the
higher percentage trade. The price
channel gives me a directional bias telling the that buying pullbacks or buying
at support will be the better trades today.
higher percentage trade. The price
channel gives me a directional bias telling the that buying pullbacks or buying
at support will be the better trades today.
The double-top tells me if we go above the
1.3500 we are VERY strong bullish and that we should buy pullbacks with new higher-highs,
and if price drops to new lower-lows we will buy at the double-top support at
3350, 3310, and 3260 on the way down, with the target of re-testing the double-top.
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| Euro Day Trading Strategy |
