March 8, 2012
- in Uncategorized by schooloftrade
Euro day trading strategy finds a new price wedge trading opportunity
We can see the 89 range chart on the euro shows us clues to
help us define our day trading strategy this morning. We can see the bull price channel and the
lows of the price channel have successfully held, we made our profit buying the
lows on Wednesday. Now we’re trading
above the PHOD so trading OUTSIDE DAY, and we’re in the middle of the
range. This is going to be sloppy in
this middle so use caution, and remember the dollar index correlation is very
strong when it comes to the euro, or any other currency.
Ideally I want to buy the lows and sell the highs of this price
channel and price wedge. I can take profit
at the 1.3335 resistance overhead but looking for entries around the 1.3335
will be challenging in the middle of the price wedge.
channel and price wedge. I can take profit
at the 1.3335 resistance overhead but looking for entries around the 1.3335
will be challenging in the middle of the price wedge.
We dig a little deeper on the euro 34 range chart and we can
see a new short term price wedge using the recent swing-high and the previous swing-high. If price rises we have trigger-zone resistance
at 1.3339 and with the dollar index falling this morning we can assume the euro
may get there. We will look to buy pullbacks
with new higher-highs above 1.3275 but look for the price wedge highs to hold
and push prices lower. As price falls
lower we will sell below 3221 support and then sell more below PHOD 1.3179. if price makes it all the way to the lows of
the price wedge we will buy the lows/support of the price wedge and take profit
on our shorts.
see a new short term price wedge using the recent swing-high and the previous swing-high. If price rises we have trigger-zone resistance
at 1.3339 and with the dollar index falling this morning we can assume the euro
may get there. We will look to buy pullbacks
with new higher-highs above 1.3275 but look for the price wedge highs to hold
and push prices lower. As price falls
lower we will sell below 3221 support and then sell more below PHOD 1.3179. if price makes it all the way to the lows of
the price wedge we will buy the lows/support of the price wedge and take profit
on our shorts.
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| Euro Day Trading Strategy |
