February 6, 2013
- in Uncategorized by schooloftrade
Euro Anchor Chart Prep
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| Euro Anchor Chart Prep |
The euro is
trading sideways in the middle of the range from Tuesday. We can see a price-wedge which is our biggest
clue this morning, we want to sell-the-high at resistance and buy-the-lows at
support of the price-wedge.
trading sideways in the middle of the range from Tuesday. We can see a price-wedge which is our biggest
clue this morning, we want to sell-the-high at resistance and buy-the-lows at
support of the price-wedge.
The InsideOut
Set-up is on our radar this morning because if we make new lower-lows and
sellers fail, or if new higher-highs and the buyers fail we are looking for the
failure to breakout of the range and we will look for the trading opportunities
that come with it.
Set-up is on our radar this morning because if we make new lower-lows and
sellers fail, or if new higher-highs and the buyers fail we are looking for the
failure to breakout of the range and we will look for the trading opportunities
that come with it.
If we break
out of this range and we can see the market personality is trending we will
then use the Wave Set-Up to get short below the PLOD or long above the PHOD.
out of this range and we can see the market personality is trending we will
then use the Wave Set-Up to get short below the PLOD or long above the PHOD.
We can see
major symmetry support at 1.3350 which will act both as a price magnet and a
location for a profit-target on the short-side.
We will be looking to take profit at this level, and also an opportunity
to get long after a price-reversal.
major symmetry support at 1.3350 which will act both as a price magnet and a
location for a profit-target on the short-side.
We will be looking to take profit at this level, and also an opportunity
to get long after a price-reversal.
Our day
trading plan for the euro is to use price-wedge as our biggest clue. We will sell the highs and buy the lows of
this price-wedge using the market personality inside the range from yesterday as
our guide.
trading plan for the euro is to use price-wedge as our biggest clue. We will sell the highs and buy the lows of
this price-wedge using the market personality inside the range from yesterday as
our guide.
If price
breaks out of the range we are looking for the failure and use the InsideOut
Set-up to sell the highs or buy the lows, and if the market starts trending,
once we get above the PHOD we are using the Wave Set-Up long, or below the PLOD
we use the Wave Set-Up short.
breaks out of the range we are looking for the failure and use the InsideOut
Set-up to sell the highs or buy the lows, and if the market starts trending,
once we get above the PHOD we are using the Wave Set-Up long, or below the PLOD
we use the Wave Set-Up short.
