February 7, 2013
- in Uncategorized by schooloftrade
Euro Anchor Chart Prep
| Euro Anchor Chart Prep |
The Euro has
failed to breakout of the bear price-channel and created a new short term
bearish price-wedge in the process. We are
trading all the way from the PHOD down below the PLOD this morning, which means
new lower-lows will give us the Wave Set-Up and a price-reversal will give us
both the price-wedge set-up and an InsideOut Set-up long.
failed to breakout of the bear price-channel and created a new short term
bearish price-wedge in the process. We are
trading all the way from the PHOD down below the PLOD this morning, which means
new lower-lows will give us the Wave Set-Up and a price-reversal will give us
both the price-wedge set-up and an InsideOut Set-up long.
We can see
the red and blue lines have recently crossed, giving us a potential MAX Set-Up
short at this time, all we need is a retracement to enter short.
the red and blue lines have recently crossed, giving us a potential MAX Set-Up
short at this time, all we need is a retracement to enter short.
We will use
the Wave Set-Up with new lower-lows below this price-wedge low and PLOD. This short trade will also be considered very
high-percentage because of the bear price-channel, we will be selling the highs
of the price-channel.
the Wave Set-Up with new lower-lows below this price-wedge low and PLOD. This short trade will also be considered very
high-percentage because of the bear price-channel, we will be selling the highs
of the price-channel.
If the
sellers fail to move lower, we will indeed look to buy the lows of the price-wedge
and take our profit-target at the highs of the price-wedge for one of our
favorite trading opportunities.
sellers fail to move lower, we will indeed look to buy the lows of the price-wedge
and take our profit-target at the highs of the price-wedge for one of our
favorite trading opportunities.
We have
already made profit on the breakout set-up this morning at the open of the
session for the euro.
already made profit on the breakout set-up this morning at the open of the
session for the euro.
Our day
trading plan for the euro currency futures is to sell short with new lower-lows
below the PLOD using the price-channel highs as our reason, and below the PLOD never
hurts either.
trading plan for the euro currency futures is to sell short with new lower-lows
below the PLOD using the price-channel highs as our reason, and below the PLOD never
hurts either.
