The "Time at Mode Methodology" is a trend-following and range-trading technique which is allowing a low-risk trade setup at the 113-114 area for entry. I chose 1.13211 for entry based on more than 20 days of supply at that level from the decline in the 1st quarter. It is entirely possible the trade doesn't allow us to enter since I think there are so many sellers at that level that it won't get there, but this is an ideal entry level at 1.13211 that I am showing you.
The uptrend might very well tire out and expire up here and return to the mode level down below at the 1.08 level. I am setting my ideal "cover" level just above that level since the chart is showing you that there are a lot of buyers at that level.
Time will tell.
Tim Saturday, May 2, 2015 6:53PM Watching the "Kentucky Derby" - Congrats "American Pharaoh"!!
Comments
timwest
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THE RALLY TODAY to 1.1240 last, confirms the "COVER SHORT / EXIT SHORT" comments I put out ---- Here they are again: "The EURUSD is dropping very slowly here, which is alerting me to cover this trade. If a market hits an important resistance level, then the market should move away from it very fast. We should be seeing the trading ranges "expand" on the downside and that is NOT what we are seeing. I think this is a good time to just exit the trade because the market is telling us the resistance level that is highlighted here is NOT producing the kind of reaction you should see. So, in my best view, just cover the position and book the profits. There will be ample time to re-enter this trade again if the market begins to accelerate away from the "supply-zone" that I have labeled. Does that make sense??5/10/2015 @ 11:33PM EST 1.11383 last -0.00697 (-0.62%)".
manijeh.kazemi.33
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thank you timwest
Pansyfaust
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To me it looks like it sill has some upside swing left in it
timwest
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The EURUSD is dropping very slowly here, which is alerting me to cover this trade. If a market hits an important resistance level, then the market should move away from it very fast. We should be seeing the trading ranges "expand" on the downside and that is NOT what we are seeing. I think this is a good time to just exit the trade because the market is telling us the resistance level that is highlighted here is NOT producing the kind of reaction you should see. So, in my best view, just cover the position and book the profits. There will be ample time to re-enter this trade again if the market begins to accelerate away from the "supply-zone" that I have labeled. Does that make sense??
timwest
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5/10/2015 @ 11:33PM EST 1.11383 last -0.00697 (-0.62%)
timwest
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One day ago was 5/11/2015... Someday there will be a time/price/chart stamp on all comments, perhaps on the chart too so you can see the flow of comments on the chart.
moorekapital
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Will be nice to see it test 1.1077
moorekapital
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Thanks, Mr West.
timwest
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The EURUSD has broken under Friday's range - Just an update. I hope this doesn't mean that EURUSD won't make the ideal entry level.
TheShakeOut
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Hi timwest,
The area between March 18th and April 23th cannot be an accumulation area.
- Accumulation always begins with high volume down bars.
- There is a possible selling climax on March 11th that supports the price (that bar could be the beginning of an accumulation process), however the mark up on March 18th attracts buyers to the market, buyers that have being absorbed between March 18th and April 6th.
- Then the floating demand has disappeared and the market heads lower from April 6th to April 9th on increasing volume (bearish sign).
- The market is supported between April 10th and April 23rd, right above the lows of the possible selling climax on March 11th, without showing signs of accumulation (high volume down bars), it actually shows signs of lack of supply on April 10th.
- Then the price is marked up to new highs (that attracts more sellers) just to find high volume up bars, signs of supply coming in the market.
It actually seems like there is redistribution taking place above 1.09. You can see more details on my daily analysis of the daily chart: