February 26, 2013
- in Uncategorized by schooloftrade
Euro Anchor Chart Prep
 |
| Euro Anchor Chart Prep |
The euro has
been sticking with the bears over the past 3 weeks and the major bearish price-channel
is proof of this. We identified a newer
short-term version of this bear price-channel and we can use both of the highs
as resistance to look for selling opportunities. Remember the high-percentage-trades always
occur selling the highs at resistance when we have a bear price-channel.
been sticking with the bears over the past 3 weeks and the major bearish price-channel
is proof of this. We identified a newer
short-term version of this bear price-channel and we can use both of the highs
as resistance to look for selling opportunities. Remember the high-percentage-trades always
occur selling the highs at resistance when we have a bear price-channel.
The entry
chart on the Mini-Russell shows us that we already had the InsideOut Set-up this
morning and the European-session traders made their money early. Now, for the US trading session we need to
wait for new higher-highs and then use a buy-signal to enter long, looking for
a profit-target at the 1.3194 prior week’s close, and a runner profit-target at
the PHOD 1.3321.
chart on the Mini-Russell shows us that we already had the InsideOut Set-up this
morning and the European-session traders made their money early. Now, for the US trading session we need to
wait for new higher-highs and then use a buy-signal to enter long, looking for
a profit-target at the 1.3194 prior week’s close, and a runner profit-target at
the PHOD 1.3321.
 |
| Euro entry Chart Prep |
We have a
huge opportunity to get our hands on another InsideOut Set-up using the
previous week’s lows at 1.3148 and then using the previous week’s close at
1.3194 as a profit-target and a runner target all the way up at the PHOD at
1.3321.
We dig in
deeper and we can see the PERFECT symmetry resistance at 1.3155 which means
that we know the high-percentage-trades to the long side will be above the
1.3155. Another scenario to consider
will be getting into a long position using a buy-signal above the 1.3126 and
taking a portion of the trade off as profit-target at the 1.3155 and then
holding the remaining portion of the trade up to the close of last week, or the
PHOD.
deeper and we can see the PERFECT symmetry resistance at 1.3155 which means
that we know the high-percentage-trades to the long side will be above the
1.3155. Another scenario to consider
will be getting into a long position using a buy-signal above the 1.3126 and
taking a portion of the trade off as profit-target at the 1.3155 and then
holding the remaining portion of the trade up to the close of last week, or the
PHOD.
