Sell short the EuroCurrency: This appears to be an inside-day which is a set-up for a short sale. Sell breaking under today's low on Monday or simply go short now with a stop over Thursday's high (or 3 ranges or 3.5 points up from your entry). This almost euphoric rally has put the Euro right back into the HEAVY area of distribution from May through August. I would also imagine that we could see new lows and that this rally has convinced everyone that the Euro is back on track. This is the ideal time to short.
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I have been looking at all your charts and thoughts for each one, and i think you are amazing at this. i am currently self teaching myself into technical analysis, can you recommend me a good book to become a better trader? i thank you before hand. and thank you for the awesome charts ! they are excellent learning tools !
Hello pieromelendez, Thank you for the kind remarks. I highly recommend making charts by hand on the biggest graph paper you can find (like 11"x17"). That way you can comment and annotate, colorize, and really learn from what you are doing. Learning accelerates when you hand-draw your own charts. As for books, go with your inspiration - all books have nuggets of wisdom in them. Find your trading personality and risk tolerance and be patient and wait for trades to set up. My first book was by Martin Pring, then I devoured as many books as I could. All the best. Tim
This trade is reached the middle of the forecasted range and the news swirls around every hour about Greece, Italy, referendums on or off, and on and on. We have seen 5 points of profit on an 11 point projected move over a 6 week time frame in 2-3 days. What you can do from here is to sell more when the FXE reaches above a previous day's high, then cover that position whenever the FXE breaches the previous day's low. This way you can capture the downtrend over the next month and do better than "sell and hold". I can diagram this simple methodology. Use stop losses of 1.5 points above your entry. Diagrams to follow: