December 5, 2012
- in Uncategorized by schooloftrade
Euro Currency day trading plan
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| Euro Currency day trading plan |
We can see
the 2 big clues from the euro are the price-wedge and the inside-day. We can also see the major bullish price-channel
but we aren’t near the highs or the lows so we wont use it at this time.
the 2 big clues from the euro are the price-wedge and the inside-day. We can also see the major bullish price-channel
but we aren’t near the highs or the lows so we wont use it at this time.
We are
trading at the highs of the price-wedge so we are bearish on the euro this
morning. We can also see the buyers
tried (and failed) to break new higher-highs above the PHOD. We can see the buyers tried, and failed at
1.3130. With that failure we now know
the next stop is to test the PLOD. We fail
at the highs; the sellers will try and test the lows of the trading range.
trading at the highs of the price-wedge so we are bearish on the euro this
morning. We can also see the buyers
tried (and failed) to break new higher-highs above the PHOD. We can see the buyers tried, and failed at
1.3130. With that failure we now know
the next stop is to test the PLOD. We fail
at the highs; the sellers will try and test the lows of the trading range.
As price
rises im bearish going into the highs of this price-wedge, and im using the Dollar-Index
correlation to tell me more about the market personality at the highs. We aren’t near the highs right now, but if we
re-test the highs we are looking at the Dollar-Index charts to provide us with support
on the Dollar-Index which will be resistance on the euro at the highs.
rises im bearish going into the highs of this price-wedge, and im using the Dollar-Index
correlation to tell me more about the market personality at the highs. We aren’t near the highs right now, but if we
re-test the highs we are looking at the Dollar-Index charts to provide us with support
on the Dollar-Index which will be resistance on the euro at the highs.
We are more
likely to get the price on the euro to fall lower off these highs. We are selling retracements using a wave-pattern-short
on the way down to the PLOD as a profit-target.
Below the 1.36053 PLOD support we will look to sell short once again,
with another profit-target at 1.3000 big-round-number.
likely to get the price on the euro to fall lower off these highs. We are selling retracements using a wave-pattern-short
on the way down to the PLOD as a profit-target.
Below the 1.36053 PLOD support we will look to sell short once again,
with another profit-target at 1.3000 big-round-number.
 |
| Euro Currency day trading plan |
Please remember
these markets LOVE to sit on top of the PLOD.
So as price falls lower take your profit-target at the PLOD and then
look to buy the PLOD if the sellers FAIL to push price lower. We are ALWAYS looking for the fake-out-breakout
around the PHOD and PLOD. This is
something that will be easy to look for today on the euro.
these markets LOVE to sit on top of the PLOD.
So as price falls lower take your profit-target at the PLOD and then
look to buy the PLOD if the sellers FAIL to push price lower. We are ALWAYS looking for the fake-out-breakout
around the PHOD and PLOD. This is
something that will be easy to look for today on the euro.
As price
falls today im looking for a wave pattern to tell me what to do around the PLOD. If the wave-pattern-short sets up properly
with entry below the PLOD we sell short down to the 1.3000 big-round-number. If the wave-pattern-short sets up above the PLOD
and the market personality tells us to stay away we need to sit-on-hands and
wait for the price-reversal so we can buy above the PLOD after seeing the
sellers fail.
falls today im looking for a wave pattern to tell me what to do around the PLOD. If the wave-pattern-short sets up properly
with entry below the PLOD we sell short down to the 1.3000 big-round-number. If the wave-pattern-short sets up above the PLOD
and the market personality tells us to stay away we need to sit-on-hands and
wait for the price-reversal so we can buy above the PLOD after seeing the
sellers fail.
