February 11, 2013
- in Uncategorized by schooloftrade
Euro Anchor Chart Prep
Euro Anchor Chart Prep |
Euro Anchor Chart Prep 2 |
We can see
the euro trading inside the range from Friday which tells us to buy-the-lows at
support and sell-the-high at resistance using the range we are trading within
currently. Furthermore, if we see new lower-lows
or higher-highs we will be suspicious of the fake-out-breakout and will look
for a price-reversal to bring the price-action back into the range again.
the euro trading inside the range from Friday which tells us to buy-the-lows at
support and sell-the-high at resistance using the range we are trading within
currently. Furthermore, if we see new lower-lows
or higher-highs we will be suspicious of the fake-out-breakout and will look
for a price-reversal to bring the price-action back into the range again.
We can see
symmetry support at the 1.3350 level which will make it hard to trade SHORT
below the PLOD, and lends credibility to the price-reversal and fake-out-breakout
if we get new lower-lows. This tells us
to keep focused on trading LONG as price makes new lower-lows and then shift
our focus to selling short when we close below the 1.3350 support.
symmetry support at the 1.3350 level which will make it hard to trade SHORT
below the PLOD, and lends credibility to the price-reversal and fake-out-breakout
if we get new lower-lows. This tells us
to keep focused on trading LONG as price makes new lower-lows and then shift
our focus to selling short when we close below the 1.3350 support.
We can see
the long term bearish price-channel and the short term bearish price-wedge. We can see the price-wedge using the highs of
the price-channel, which tells us the high-percentage-trades will be short off
the highs of the price-wedge and the price-channel.
the long term bearish price-channel and the short term bearish price-wedge. We can see the price-wedge using the highs of
the price-channel, which tells us the high-percentage-trades will be short off
the highs of the price-wedge and the price-channel.
Our day
trading plan for the euro this morning is to stay patient. We are trading inside the range from last
week, so we know that the high-percentage-set-ups will occur buying the lows
and selling the highs of the price-wedge.
Furthermore, if price-action makes new lower-lows we will buy those lows
after seeing a price-reversal looking for a fake-out-breakout. If we can get below the 1.3350 support we
will then consider getting short with the Wave Set-Up however, we do not see
this as likely this morning.
trading plan for the euro this morning is to stay patient. We are trading inside the range from last
week, so we know that the high-percentage-set-ups will occur buying the lows
and selling the highs of the price-wedge.
Furthermore, if price-action makes new lower-lows we will buy those lows
after seeing a price-reversal looking for a fake-out-breakout. If we can get below the 1.3350 support we
will then consider getting short with the Wave Set-Up however, we do not see
this as likely this morning.