February 23, 2012
- in Uncategorized by schooloftrade
Euro day trading strategy
Euro day trading strategy uses multiple timeframes to see
the big picture first, locating the most important information to use this
morning and then using faster timeframes to get more specific entry and trade
management clues.
The 233 range on the euro shows us the bear price channel,
the AB=CD Pattern extension, and the most important aspect is the price wedge and
we can see we have just recently broken new highs above the price wedge.
the AB=CD Pattern extension, and the most important aspect is the price wedge and
we can see we have just recently broken new highs above the price wedge.
Remember the price wedge tells me personality, and it
specifically tells me to look for fake-out breakouts and to sell as price
rises, and buy as price falls. Avoid the
middle of the price wedge, sell the highs and buy the lows.
specifically tells me to look for fake-out breakouts and to sell as price
rises, and buy as price falls. Avoid the
middle of the price wedge, sell the highs and buy the lows.
We get a big clue from the 89 range chart when we see the price
wedge advanced price-structures has been broken. This is considered a technical pattern
FAILURE and a failure always gives me a big clue, the buyers must have some
strength, so we will look at this now with some bullish sentiment.
wedge advanced price-structures has been broken. This is considered a technical pattern
FAILURE and a failure always gives me a big clue, the buyers must have some
strength, so we will look at this now with some bullish sentiment.
The 55 range chart on the euro better defines our day
trading strategy and we can see the price wedge and range from Wednesday is
below us, giving us two big reasons to sell these highs. We also notice 1.3326 is the next major swing
high, so this is the line in the sand where we will be ok buying pullbacks above,
and if we get below 3326 we want to sell.
So as price rises I’m selling the resistance from that swing highs and
bringing it back down into the range below me.
trading strategy and we can see the price wedge and range from Wednesday is
below us, giving us two big reasons to sell these highs. We also notice 1.3326 is the next major swing
high, so this is the line in the sand where we will be ok buying pullbacks above,
and if we get below 3326 we want to sell.
So as price rises I’m selling the resistance from that swing highs and
bringing it back down into the range below me.
As price falls I’m selling below the price wedge highs and
below the PHOD as the buyers will have failed with profit targets of the PLOD and
the 3118 trigger-zone support at the lows of the price wedge.
below the PHOD as the buyers will have failed with profit targets of the PLOD and
the 3118 trigger-zone support at the lows of the price wedge.
The 34 range chart for the euro completes our day trading
strategy we can see the range of price that contains the price wedge so we can
buy pullbacks above 1.3325 considering that will be when the price wedge is
broken however we need to look for fake-out breakout first, and if price falls
off these highs I’m selling retracements as it falls, selling below the price
wedge highs and the PHOD and taking profit at the price wedge lows. Sell below the PLOD but beware that support
is 1.3182, then if we break that support we can sell it with retracements again.
strategy we can see the range of price that contains the price wedge so we can
buy pullbacks above 1.3325 considering that will be when the price wedge is
broken however we need to look for fake-out breakout first, and if price falls
off these highs I’m selling retracements as it falls, selling below the price
wedge highs and the PHOD and taking profit at the price wedge lows. Sell below the PLOD but beware that support
is 1.3182, then if we break that support we can sell it with retracements again.
