October 16, 2012
- in Uncategorized by schooloftrade
Morning Euro Currency Checklist:
Heat Map
Review:
Euro is
bullish with a bearish Dollar-Index.
bullish with a bearish Dollar-Index.
Overnight
Highs & Lows:
Highs & Lows:
We have higher-highs
and higher-lows on the euro, with most recent sideways consolidation. The same is true but opposite on the Dollar-Index. If the Dollar-Index bounces off the lows we
can then sell the highs on the euro.
and higher-lows on the euro, with most recent sideways consolidation. The same is true but opposite on the Dollar-Index. If the Dollar-Index bounces off the lows we
can then sell the highs on the euro.
Inside or
Outside Day?
Outside Day?
We are
outside day, above the PHOD. This is
bullish, and we will use the wave-pattern-long to enter with buyers.
outside day, above the PHOD. This is
bullish, and we will use the wave-pattern-long to enter with buyers.
Find the price-structures: · Trigger-zone is support at 1.2844
· AB=CD Pattern is bullish at 1.2705
and bearish at 1.3500
and bearish at 1.3500
· Price-wedge is sideways because we do
not have a slope to the trigger line.
not have a slope to the trigger line.
· Price-channel is bullish and we are
at the LOWS of the price-channel.
at the LOWS of the price-channel.
· Zigzag pattern is not on this 89range
chart.
chart.
· Sideways Trading Range 1.3080 down to
1.2833
1.2833
· Double-top / Double-bottom not on
this chart
this chart
Where
will a reversal be likely today?
will a reversal be likely today?
We are
outside the range from Monday so the bulls are in charge and the next price-reversal
location will be resistance at 1.3080 or 1.3100 overhead. The highs of the range and the trend line resistance
are what we’re looking for.
outside the range from Monday so the bulls are in charge and the next price-reversal
location will be resistance at 1.3080 or 1.3100 overhead. The highs of the range and the trend line resistance
are what we’re looking for.
What is
our trading plan for today?
our trading plan for today?
We are waiting patiently for the Dollar-Index to move off the
low of day so we can use the negative correlation to sell the highs on the
euro. The market personality on the Dollar-Index
is the most important thing we can be patient for today.
low of day so we can use the negative correlation to sell the highs on the
euro. The market personality on the Dollar-Index
is the most important thing we can be patient for today.
