February 24, 2012
- in Uncategorized by schooloftrade
Euro day trading strategy
Euro day trading strategy begins with the slowest timeframe,
the 233 range and we have a year of data on this chart to show us the most
important levels of support and resistance.
We can see the bear price channel and we want to sell the highs of this price
channel. We cans ee the AB=CD Pattern
however its not going to help us today.
The biggest clue we get are the multiple levels of resistance overhead,
which we get from these multiple timeframes.
the 233 range and we have a year of data on this chart to show us the most
important levels of support and resistance.
We can see the bear price channel and we want to sell the highs of this price
channel. We cans ee the AB=CD Pattern
however its not going to help us today.
The biggest clue we get are the multiple levels of resistance overhead,
which we get from these multiple timeframes.
Notice the AB=CD Pattern both bullish and bearish on this
233 range chart
233 range chart
 |
| Euro Futures Day Trading Strategy |
We move to a faster timeframe on the euro to refine our day
trading strategy and the 89 range chart shows me bull price channel (which is
counter trend to the bear price channel we got on the 233r) and we can see we’re
trading above PHOD making this an outside trading day along with the resistance
levels overhead.
trading strategy and the 89 range chart shows me bull price channel (which is
counter trend to the bear price channel we got on the 233r) and we can see we’re
trading above PHOD making this an outside trading day along with the resistance
levels overhead.
Since I’m trading ‘outside day’ I’m looking to buy pullbacks
however, with the dollar index correlation sitting at support we may see the dollar
index reverse and the euro wave patterns may fail giving us a chance to sell
after the buyers fail. If price rises
higher we buy pullbacks we will then sell the 1.3447 and the resistance at the price
channel highs. Remember to look for the
wave patterns to fail which become 2-step patterns and use the dollar index as
your trigger to get short.
however, with the dollar index correlation sitting at support we may see the dollar
index reverse and the euro wave patterns may fail giving us a chance to sell
after the buyers fail. If price rises
higher we buy pullbacks we will then sell the 1.3447 and the resistance at the price
channel highs. Remember to look for the
wave patterns to fail which become 2-step patterns and use the dollar index as
your trigger to get short.
Our 55 range chart on the euro gives me the
details we need to specify where we are looking for trading opportunities
according to our day trading strategy. As
price rises I’m buying pullbacks with wave patterns, and then selling the highs
of the price channel and the resistance 3447.
I’m also looking for wave patterns to fail so we can sell the
failure. If price falls below PLOD we
will sell below PLOD and then look for the support to hold at 1.3327 for a
short term buying opportunity although we expect to see price to move below
3327 and we will sell it below that minor support. Then we look for more selling opportunities
as price falls because below 3327 the price wedge has held, the buyers have
failed an the dollar index is most likely going to be moving higher.
details we need to specify where we are looking for trading opportunities
according to our day trading strategy. As
price rises I’m buying pullbacks with wave patterns, and then selling the highs
of the price channel and the resistance 3447.
I’m also looking for wave patterns to fail so we can sell the
failure. If price falls below PLOD we
will sell below PLOD and then look for the support to hold at 1.3327 for a
short term buying opportunity although we expect to see price to move below
3327 and we will sell it below that minor support. Then we look for more selling opportunities
as price falls because below 3327 the price wedge has held, the buyers have
failed an the dollar index is most likely going to be moving higher.
