Monday, October 7, 2013

Euro Day trading strategy;

Euro Anchor Chart

We have higher-highs and higher-lows on the bullish anchor chart this morning which is telling us to buy those pullbacks using the Wave pattern and double-top/bottom pattern going with the trend this morning.

With the anchor chart moving higher, we move to the set-up chart and we can see that this is opposite to the anchor.  We want to see trade set-ups in the same direction as the anchor chart long-term trend and this is NOT the case on the euro. 

Euro Set Up Chart

The plan now will be to either sell short with a more aggressive entry against the long-term trend, or to stay patient waiting for a buying opportunity later in the session after the set-up chart turns higher.

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