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Posted by Joseph James


Head Trader at SchoolofTrade.com. Motivator, Trader, Fund Manager and Educator. Joseph focuses on intra-day trading of crude oil, E-mini Russell, Gold, and Euro and his network of traders covers all corners of the industry.

Euro Day trading strategy

by Joseph James on September 4, 2013

in Commodities, Technical Analysis

9:00am EST

We made money on the Crude Oil Breakout Trade at 900am EST today.
9:30am EST

Euro Currency Futures Analysis:
Euro VIP Chart
We are seeing low volume, trading in the middle of Tuesday’s range and with a very narrow and flat ‘cloud’ which all tell us that something is keeping this market personality from moving well today.  What are we waiting for on the Euro?
We can use the PLOD as support and the PHOD as resistance and we know that trading in the middle of this range is going to higher-risk.

If we move above the PHOD we are now bullish and we will use the wave-pattern-long to buy.  If we move below the PLOD we are bearish and will use the wave-pattern-short to sell.

Euro Anchor Chart 1
The 5400-tick anchor chart has price-action trading lower this morning, below the major support at 3187 and now heading to test the support at 3105.  We will be watching the Dollar-Index-correlation closely today because the Euro is tied very closely to the Dollar-Index.  Look for the Dollar-Index to make new higher-highs and then look for the wave-pattern-short on the euro to take the trade.
It appears that 1.3200 is a reversal-line on this chart, because if we get back above that big-round-number we will be back above the cloud, and we will have failed below the 3187 support.  We will consider buying opportunities if we get back above the 3200 big-round-number.


Euro Anchor Chart 2
The 1800-tick chart shows us a long-term trend is almost ready to reverse and give us a bullish trend at the support level of 3171.  When the 1800-tick anchor chart changes to bullish, our next step will be looking for the wave-pattern-long on the entry chart.


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