January 28, 2013
- in Uncategorized by schooloftrade
Euro Anchor Chart Prep
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| Euro Anchor Chart Prep |
We can see
the euro currency Futures contract trading towards the highs of the range from Friday,
however we have not made it there yet.
When we test the PHOD we will then have a few more set-ups to consider,
such as thew InsideOut Set-up and the Wave Set-Up.
the euro currency Futures contract trading towards the highs of the range from Friday,
however we have not made it there yet.
When we test the PHOD we will then have a few more set-ups to consider,
such as thew InsideOut Set-up and the Wave Set-Up.
For right
now, we have symmetry resistance starting at 1.3510 which makes for an
excellent location for a price-reversal, and we have another major symmetry resistance
at 1.3560.
now, we have symmetry resistance starting at 1.3510 which makes for an
excellent location for a price-reversal, and we have another major symmetry resistance
at 1.3560.
 |
| Euro Anchor Chart Prep |
The double-bottom
we can see around the 1.3430 area gives us additional resistance above the PHOD
at 1.3490 and we will look for the price-reversal to test this area and then
allow us to use the InsideOut Set-up to get short below the PHOD.
we can see around the 1.3430 area gives us additional resistance above the PHOD
at 1.3490 and we will look for the price-reversal to test this area and then
allow us to use the InsideOut Set-up to get short below the PHOD.
We can see a
very sloppy bullish price-channel which uses the double-bottom as support and
also give us an easy profit-target if we decide to get long above the 1.3490
and/or 1.3510.
very sloppy bullish price-channel which uses the double-bottom as support and
also give us an easy profit-target if we decide to get long above the 1.3490
and/or 1.3510.
In the short
term we can see lower-highs and higher-lows on this anchor chart, which is a
dead give-away for a sideways price-wedge.
There is a bullish price-channel so we assume the buy-side will yield
the high-percentage-trades so we will look to buy-the-lows at support around
1.3445.
term we can see lower-highs and higher-lows on this anchor chart, which is a
dead give-away for a sideways price-wedge.
There is a bullish price-channel so we assume the buy-side will yield
the high-percentage-trades so we will look to buy-the-lows at support around
1.3445.
Our day
trading plan for the euro this morning is to be patient because we can see this
price-action is not yet in a perfect location for our high-percentage-trades. We need to see new higher-highs above the PHOD
for a Wave Set-Up, however, we can also see lots of resistance above the PHOD which
will contain price-action and make it hard to get long until we get above the
1.3490.
trading plan for the euro this morning is to be patient because we can see this
price-action is not yet in a perfect location for our high-percentage-trades. We need to see new higher-highs above the PHOD
for a Wave Set-Up, however, we can also see lots of resistance above the PHOD which
will contain price-action and make it hard to get long until we get above the
1.3490.
As price
rises to the highs out best option is to look for the short at this major resistance. If price falls we will take profit-target at
the price-wedge lows and then look to buy the lows of the bullish price-wedge.
rises to the highs out best option is to look for the short at this major resistance. If price falls we will take profit-target at
the price-wedge lows and then look to buy the lows of the bullish price-wedge.
