December 10, 2012
- in Uncategorized by schooloftrade
Euro day trading plan
 |
| Euro day trading plan |
We are
seeing price-action trading in the middle of this trading range, and in the
middle of the range from Friday, making this a dangerous area to be trading at
this time.
seeing price-action trading in the middle of this trading range, and in the
middle of the range from Friday, making this a dangerous area to be trading at
this time.
Our biggest
clue on the euro will be the PHOD and the PLOD.
If we tests the PHOD we sell it as resistance first, and then with new higher-highs
above the PHOD we look for the fake-out-breakout and a price-reversal back into
the range below, or we buy pullbacks using the wave-pattern-long with new higher-highs
above the PHOD and a profit-target at the big-round-number of 1.3000.
clue on the euro will be the PHOD and the PLOD.
If we tests the PHOD we sell it as resistance first, and then with new higher-highs
above the PHOD we look for the fake-out-breakout and a price-reversal back into
the range below, or we buy pullbacks using the wave-pattern-long with new higher-highs
above the PHOD and a profit-target at the big-round-number of 1.3000.
If price
moves lower and tests the PLOD we do the exact same thing, buying the support at
the PLOD and then with new lower-lows we will look for the sellers to test the
1.2845 and we will look to buy again. If
price moves below 2845 (trigger-zone support) we then look for the fake-out-breakout
and a price-reversal to buy the failure from the sellers, and if price keeps
moving lower we will sell short using the wave-pattern-short below 2845 with a profit-target
of 2815 the BMT, and then all the way to the lows of 1.2745.
moves lower and tests the PLOD we do the exact same thing, buying the support at
the PLOD and then with new lower-lows we will look for the sellers to test the
1.2845 and we will look to buy again. If
price moves below 2845 (trigger-zone support) we then look for the fake-out-breakout
and a price-reversal to buy the failure from the sellers, and if price keeps
moving lower we will sell short using the wave-pattern-short below 2845 with a profit-target
of 2815 the BMT, and then all the way to the lows of 1.2745.
The biggest
challenge for euro traders this morning will be the consolidation within the
middle of the price-wedge. If price
action continues to trade sideways we need to sit-on-hands.
challenge for euro traders this morning will be the consolidation within the
middle of the price-wedge. If price
action continues to trade sideways we need to sit-on-hands.
