September 27, 2012
- in Uncategorized by schooloftrade
Morning euro currency Checklist:
Heat Map
Review:
The Euro is
not a moving market, and we assume this is due to the news from Spain which is
keeping most currencies in limbo.
not a moving market, and we assume this is due to the news from Spain which is
keeping most currencies in limbo.
Overnight
Highs & Lows:
Highs & Lows:
We see the
highs and lows have not be tested, and with the flat trigger-line we know this market
personality is considered range-bound. This
means we will buy-the-lows at support and sell-the-high at resistance for high-percentage-trades.
highs and lows have not be tested, and with the flat trigger-line we know this market
personality is considered range-bound. This
means we will buy-the-lows at support and sell-the-high at resistance for high-percentage-trades.
Inside orOutside Day?
We are
inside the range from Wednesday, which also encourages us to stay focus on trading
within the current range.
inside the range from Wednesday, which also encourages us to stay focus on trading
within the current range.
Find the price-structures:
· Trigger-zone is support below us
· AB=CD Pattern is bearish with resistance
at 1.3500
at 1.3500
· Price-wedge is bullish using the lows
of the bull price-channel and a trend line drawn from major swing-high previously.
of the bull price-channel and a trend line drawn from major swing-high previously.
· Price-channel is bullish.
· Zigzag pattern is bullish, and we
used the 21-range chart timeframe (faster) to locate the bullish AB=CD Pattern which
fits in perfectly with the bullish price-channel.
used the 21-range chart timeframe (faster) to locate the bullish AB=CD Pattern which
fits in perfectly with the bullish price-channel.
· Sideways / Trading Ranges (trending)
· Double-top / Double-bottom (NO)
Wherewill a reversal be likely today?
We will look
for price-reversal at the price-channel lows which is RIGHT NOW, and also look
at the PLOD as a price-reversal location.
for price-reversal at the price-channel lows which is RIGHT NOW, and also look
at the PLOD as a price-reversal location.
What is
our trading plan for today?
our trading plan for today?
We want to be very careful trading ANY currency until the market
personality changes. The Euro is the
largest piece of the Dollar-Index which means when the Dollar-Index moves so
does the euro, and right now the Dollar-Index seems to be patiently waiting for
the Eurozone to figure this mess out, waiting on the news from Spain, etc.
personality changes. The Euro is the
largest piece of the Dollar-Index which means when the Dollar-Index moves so
does the euro, and right now the Dollar-Index seems to be patiently waiting for
the Eurozone to figure this mess out, waiting on the news from Spain, etc.
We want to buy the lows of the bull price-channel and buy
above the PHOD. We see a range bound market
on the 30-minute on the euro so remember to trade careful when you see a
breakout. Looking for fake-out-breakouts
first will help us on the euro.
above the PHOD. We see a range bound market
on the 30-minute on the euro so remember to trade careful when you see a
breakout. Looking for fake-out-breakouts
first will help us on the euro.
