February 8, 2013
- in Uncategorized by schooloftrade
Euro Anchor Chart Prep
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| Euro Anchor Chart Prep |
We can see
the euro trading at the lows of the range from yesterday and we recently saw
the sellers attempt to push lower and FAIL.
This failure confirms both the InsideOut Set-up long and the price-wedge
set-up long are both in play at this time.
We are bullish at the PLOD after the sellers failed to keep the price
lower, and it also confirms that this old trend line is indeed still support we
can use the lows of the price-wedge.
the euro trading at the lows of the range from yesterday and we recently saw
the sellers attempt to push lower and FAIL.
This failure confirms both the InsideOut Set-up long and the price-wedge
set-up long are both in play at this time.
We are bullish at the PLOD after the sellers failed to keep the price
lower, and it also confirms that this old trend line is indeed still support we
can use the lows of the price-wedge.
If we get
new lower-lows below the 1.3375 PLOD we will then begin to consider the
short-side using the Wave Set-Up down to the next major support below us.
new lower-lows below the 1.3375 PLOD we will then begin to consider the
short-side using the Wave Set-Up down to the next major support below us.
The double-bottom on this anchor chart shows us major resistance for a profit target or a price-reversal selling opportunity overhead starting at 1.3440, 1.3465 and 1.3495.
We can see a
short term price-wedge when we draw a new trend line from the most recent swing-highs
and the major support trend line drawn below.
We want to buy the lows and take profit at the highs of this short term price-wedge.
short term price-wedge when we draw a new trend line from the most recent swing-highs
and the major support trend line drawn below.
We want to buy the lows and take profit at the highs of this short term price-wedge.
