July 30, 2013
- in Uncategorized by schooloftrade
Euro day trading strategy
Euro 240-minute:
 |
| Euro 240-Minute |
The 4-hour
anchor chart shows us major resistance overhead from 3348 down to 3281 and the
euro apparently wants to push higher directly into this major resistance. We can see the next resistance level is a trend-line
around the 3345 area, so we can use that as a profit-target for any higher-risk
buying opportunities this morning.
Ideally we want to sell the highs of the price-wedge and in the sell-zone.
anchor chart shows us major resistance overhead from 3348 down to 3281 and the
euro apparently wants to push higher directly into this major resistance. We can see the next resistance level is a trend-line
around the 3345 area, so we can use that as a profit-target for any higher-risk
buying opportunities this morning.
Ideally we want to sell the highs of the price-wedge and in the sell-zone.
If this price-action pushes higher our jobs
will be quite difficult with all this resistance overhead. If the price-action reverses and collapses
back off these highs we have plenty of wide open spaces to get short and make
some EASY money on the way down.
will be quite difficult with all this resistance overhead. If the price-action reverses and collapses
back off these highs we have plenty of wide open spaces to get short and make
some EASY money on the way down.
Euro 60-minute:
 |
| Euro 60-Minute |
The biggest
challenge and the most important clue we see on this 60-minute anchor chart is
the major sell-zone overhead from 3285 up to 3308. If the price-action moves higher we have a
challenge to buy pullbacks and if price falls lower we have two trend-lines to
catch us if this price-action falls. We
are seeing sloppy market personality inside the sell-zone around the big-round-number
of 3300 so we know this is higher-risk at this time. We need to see new higher-highs to use the Wave
pattern to buy pullbacks.
challenge and the most important clue we see on this 60-minute anchor chart is
the major sell-zone overhead from 3285 up to 3308. If the price-action moves higher we have a
challenge to buy pullbacks and if price falls lower we have two trend-lines to
catch us if this price-action falls. We
are seeing sloppy market personality inside the sell-zone around the big-round-number
of 3300 so we know this is higher-risk at this time. We need to see new higher-highs to use the Wave
pattern to buy pullbacks.
We always
need to remember that trading the Euro we must watch the Dollar-Index-correlation
because if the Dollar-Index makes new lower-lows we will easily make new higher-highs
on the euro and we will use that as a clue to be ready for a trade.
need to remember that trading the Euro we must watch the Dollar-Index-correlation
because if the Dollar-Index makes new lower-lows we will easily make new higher-highs
on the euro and we will use that as a clue to be ready for a trade.
Euro 5-Minute:
 |
| Euro 5-Minute |
This faster
chart timeframe shows us three important clues.
First, the London trading Session range from 3283 down to 3262 has been
broken. When we break the overnight
highs to the UP-SIDE we assume now the buyers are in control and we want to use
the Wave pattern long to buy pullbacks.
chart timeframe shows us three important clues.
First, the London trading Session range from 3283 down to 3262 has been
broken. When we break the overnight
highs to the UP-SIDE we assume now the buyers are in control and we want to use
the Wave pattern long to buy pullbacks.
Second clue
we see is the PHOD at 3298. We broke
above the PHOD and then quickly failed to move back below it. This fake-out-breakout is what we call the InsideOut
Set-up and this is a short-term bearish selling clue this morning.
we see is the PHOD at 3298. We broke
above the PHOD and then quickly failed to move back below it. This fake-out-breakout is what we call the InsideOut
Set-up and this is a short-term bearish selling clue this morning.
Third clue
we get today comes from the previous week’s highs at the big-round-number of
1.3300. This is very important because we
can see that price-action tried (and failed) above the 3300. This tells us the buyers have been rejected
at the weekly highs and the big-round-number and therefor this is yet another bearish
clue.
we get today comes from the previous week’s highs at the big-round-number of
1.3300. This is very important because we
can see that price-action tried (and failed) above the 3300. This tells us the buyers have been rejected
at the weekly highs and the big-round-number and therefor this is yet another bearish
clue.
