February 12, 2013
- in Uncategorized by schooloftrade
Euro Anchor Chart Prep
 |
| Euro Anchor Chart Prep |
The euro
currency futures are trading as an outside day, above the PHOD from Monday and
at the highs of the long-term bear price-channel. This tells us that the buyers see value in
higher prices, however, lets see if these buyers have what it takes to keep the
sellers from holding this resistance at the highs of the price-channel.
currency futures are trading as an outside day, above the PHOD from Monday and
at the highs of the long-term bear price-channel. This tells us that the buyers see value in
higher prices, however, lets see if these buyers have what it takes to keep the
sellers from holding this resistance at the highs of the price-channel.
This is a
very important location for us this morning because if we see a price-reversal we
will sell short using the InsideOut Set-up below the PHOD of 1.3430. if price moves higher we will look for the Wave
Set-Up long above the current HOD of 1.3470 and use the PLOD from last week at
1.3497 as a profit-target on the way up.
very important location for us this morning because if we see a price-reversal we
will sell short using the InsideOut Set-up below the PHOD of 1.3430. if price moves higher we will look for the Wave
Set-Up long above the current HOD of 1.3470 and use the PLOD from last week at
1.3497 as a profit-target on the way up.
We look
closely at this anchor chart and we can see the double-bottom providing us with
resistance at 1.3460 and 1.3490 which adds to the concerns trying to buy at the
highs of this bearish price-channel. We can
also see the price-wedge will be bearish using the directional clues from the price-channel.
closely at this anchor chart and we can see the double-bottom providing us with
resistance at 1.3460 and 1.3490 which adds to the concerns trying to buy at the
highs of this bearish price-channel. We can
also see the price-wedge will be bearish using the directional clues from the price-channel.
Our day
trading plan for the euro is to sell short below the PHOD if the sellers can
take control. Our profit-target for the
short-side is the PLOD back down at the lows.
We will then look to buy the lows at 1.3370 area if we can get down that
far this moring.
trading plan for the euro is to sell short below the PHOD if the sellers can
take control. Our profit-target for the
short-side is the PLOD back down at the lows.
We will then look to buy the lows at 1.3370 area if we can get down that
far this moring.
