After hitting target #1 we are bouncing which is to be expected. Stops are in and we will look for a break of the low and final target. This coming week could be choppy to up before a retest happens.
For more watch: youtu.be
Accumulation. Near term swing low is within sight. $DX_F DXY US Dollar is encountering supply from $88 - 92 at the same time. $J6_F $USDJPY Japanese Yen is near support. All the major currencies are displaying a near term change in trend. More confirmation needed. Seeing early signs.
Of the many years of trading we can say, with confidence, that other than the psychology game of trading, studying has been the biggest attribute to successful trading. Reviewing charts...looking at how our setups forms and play out. In trading you are not trying to be right...you have 2-3 solid setups, control emotions and follow your rules. Then study you...
Weekly chart here
The daily chart shows a double bottom, with a huge divergence on momentum indicators.
Considering the way the weekly charts moves, I would say a correction to the larger downtrend is highly probably. However, I believe that there is more downside coming in a few weeks. I expect the daily double bottom to play out and offer a better shorting...
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...
