This is a text book pattern from our last post. We are short and looking for targets below. We are now in a risk free trade. REMEMBER...trading is about controlling risk and following bigger targets. DON'T over complicate things. If you are short...congrats!
The break is clean so we are looking for a small pull back on a lower time frame to get short. We will be up early to watch European session. Stay tuned!
The E6 is setting up nicely for us and we are looking to get short on the nice bear flag. The recent lows should be tested. IF so we look for profits below at #1 and #2.
The Euro blew through our support watch area. LESSON: This is why we look at lower time frames for entries. If you are blindly trying to enter on support/resistance your account will get ripped. With the Euro zone weakening we will stand on the sidelines until the market firms up or we see a nice pullback.
Be patient...the Euro will give us opportunity.
Massive H&S. We are currently below the neckline in a well enstablished downtrend. The recent consolidation offers a good opportunity to enter short Euro (E6U14). Immediate terget on the median line - 1.32040. QE by BCE on the horizon?
Keep the Euro on your radar screen. It's consolidating and will most likely move soon. She's come a long way so another move down could result in a snap back rally. If she breaks to the upside first look for a re-test of the break down lows.
I would like to point out a resistance/support range trade that i do often once i can see a market take out a key level and then watch for the market to retrace. As in this case the euro is on the down side so there fore i am looking for resistance test backs. Meaning bounces off of resistance and sharply getting out at the nearest support line.
By placing a...
Time For selling EUR with DIV and Harmonic pattern seen its expected to have 1.3000 next 2 months
The underlying structural fundamentals will
continue to provide underlying dollar support
with strong support at lower levels.
The Euro was pushed lower again by reported comments from ECB member Makuch who stated that
several members were open to quantitative...
