Looking For Break Out Pattern On Euro

Euro Futures:

1000am est

– The euro futures sitting on the lows of the trading range and the lows of the wedge pattern and im looking at a very slow and sluggish market.

– We want to buy these lows around 1.3800 to take advantage of the highest percentage opportunities.

– We have 2 options for trading the euro at these lows

o I can buy the lows using a 2-step reversal pattern with entry long above 3847

o Profit targets will be 58, 68, soft 3895, and hard final target of 3940 which is the trend line as resistance.

o We can also sell short if we can break the support levels from the wedge and the lows of the day with entry below 3768, and profit targets of 55, 25, soft 3705, and final hard target of 3680 which is the group of yellow support levels on my auto levels indicator.



Euro Day Trading Wedge Pattern

  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Euro Futures Up-Date:

1115am est

– The euro continues to trade sideways and very slow

– Most likely due to the slow dollar, which is caused by traders waiting for the FED Meeting Minutes at 2pm EST today.

– We can see a reversal pattern selling the highs of this trading range, with entry short below 3825 and very tight profit targets at 16, 3805, and the lows of the range at 3795

– We don’t have much room for this reversal , so take your money and run! 
 



Euro Trading Sideways Range

  
 
 

Crude Oil Futures:
 
– We also see the crude oil futures are at the lows of the wedge, and we have a buying opportunity at these lows.

o Entry long will be above 81.74 with profit targets of 90, 05 (trend line), soft 28, and hard final target of 64 for the final ¼.

o If we break down below the wedge, looking for entry short below 80.88, with profit targets of 75, 60, soft 40, and final hard target of 60.05 if we can push these lower lows.



Crude Oil Day Trading



Crude oil Futures Up-Date

1100AM est

– We never got the crude oil futures to break the low of day at 80.88, but instead we had a reversal at the lows of 81.00 and we took the 2-step reversal long entry into the lows of the wedge.

– Buy the lows of the wedge is the main goal with this trade

– Entry long was also a fast track trade above 81.34

– We took +5/+10 and then managed a runner all the way to the highs of 81.68 for the final target

– Along the way we noticed lots of support in the market, we placed our stop correctly, and we used the divergence on our trade management chart and our 4-range chart to tell us when to hold the trade or when to fold the trade.

– We earned over 50 ticks simply buying the lows and waiting for the highs to be tested for the final target.



Crude oil reversal pattern