day trading strategy for the euro currency futures

The euro currency futures trading below the range from thursday, so this outside day tells us to sell retracements from the beginning.  Then we see the price wedge below us and we realize we can sell the highs of the wedge below and take profit at the wedge lows.  If price keeps dropping we sell new lower lows with retracements, using wave short pattern.  if price moves higher we will look buy above the PLOD as the sellers will have failed and the buyers will seek to re-test the PHOD.

Beware the sloppy dollar index this morning and if the euro is trading in the middle of this wedge we need to sit on hands.  buy the lows, sell the highs, avoid the middle of this price wedge and remember to use the dollar index correlation like we did on thursday.

Euro Day Trading Strategy

Euro 55-range chart shows us more detail, and further confirms what we saw on the 89 range chart.  We see below the PLOD we are outside day and about to sell the highs of the price wedge.

The Euro 34-range chart shows us a new price structure, we can see a double-top and this gives us reason to locate support around 1.3160 which will be a good profit target for the sell off the wedge highs, but dont trade too close to this support because price may bounce, so we may have to wait to get below 3160 to get short if we cant get into the short high enough in the wedge.

The Euro 21 Range chart shows us more of our day trading strategy, we can see a major trigger zone as support we need to keep an eye on when we get short later this morning.