October 22, 2012
- in Uncategorized by schooloftrade
Morning euro Currency Checklist:
Heat Map
Review:
The market
personality on the heat says 0.4% so this is considered a moving market and we
are looking for high-percentage-trades.
personality on the heat says 0.4% so this is considered a moving market and we
are looking for high-percentage-trades.
Overnight
Highs & Lows:
Highs & Lows:
Very bullish
when you look at the 30-minute chart on euro. Overnight lows were higher-lows and
showed very little interest to the downside.
Overnight highs were broken twice, all clues point to bullish buying new
higher-highs with wave-pattern-long.
when you look at the 30-minute chart on euro. Overnight lows were higher-lows and
showed very little interest to the downside.
Overnight highs were broken twice, all clues point to bullish buying new
higher-highs with wave-pattern-long.
Inside or
Outside Day?
Outside Day?
We are
almost trading above the PHOD so at this time we are inside day, however, this
is a transitional area we are trading in at this time.
almost trading above the PHOD so at this time we are inside day, however, this
is a transitional area we are trading in at this time.
Find the price-structures:
· Trigger-zone is support at 1.2990
· AB=CD Pattern is bearish at 1.3445
area.
area.
· Price-wedge is sideways and there are
two of them
two of them
· Price-channel is bullish and almost
ready to be called ‘broken’ or ‘dq’
ready to be called ‘broken’ or ‘dq’
· Zigzag Pattern not on this 89range
· Trading Ranges from 1.3147 down to
1.2898
1.2898
· Double-top / Double-bottom not on
this 89range
this 89range
Wherewill a price-reversal be likely today?
As price
rises we see a price-reversal at the highs of the range and the price-wedge.
rises we see a price-reversal at the highs of the range and the price-wedge.
As price
falls lower we look for the price-reversal at the PLOD and if price pushes much
lower at the lows of the price-wedge.
falls lower we look for the price-reversal at the PLOD and if price pushes much
lower at the lows of the price-wedge.
What is
our trading plan for today?
our trading plan for today?
We are going to stay patient as this market personality is
not very consistent. We want the Dollar-Index
to get new lower-lows and we will buy the euro with new higher-highs.
not very consistent. We want the Dollar-Index
to get new lower-lows and we will buy the euro with new higher-highs.
If price rises higher we buy above the PHOD with the profit-target
at 1.3147.
at 1.3147.
If price falls lower we sell the failure at the highs using a
2step pattern short and profit-target at the PLOD.
2step pattern short and profit-target at the PLOD.
If price-action trades sideways we will sit-on-hands and wait
for new higher-highs or new lower-lows from the Dollar-Index to make an
educated decision on direction.
for new higher-highs or new lower-lows from the Dollar-Index to make an
educated decision on direction.
