My experimenting with a web trading platform is coming to an end. This is yet another weekend where I cannot pull up any charts and do some useful work. Needless to say for my sanity I will not continue with it and unfortunately return to a Windows based client.
I cannot post a chart to show you what I want to make you aware of, and instead this brief post is to make you aware of the euro price is now down into November 2013 lows. We can expect a bounce here and there may be some good points in the move. As always, watch for pro money activity and any further leg down will result in a rapid move and may be no more than taking out stops and getting a cheap price on a bullish move.
Draw some lines on the 2013 lows and watch price action around them, if you have a futures account, keep an eye on volume as well.
Keep in mind that pro money buys in strong down moves and sells in strong up moves. The larger time frames are full of this and when approaching those levels pro money will push the price hard to give the illusion of a good run.
Hello Doc,
ReplyDeleteI have been scoping out some bullish opportunities on the EURUSD myself. I would prefer it if price were to give is a nice spike down to the 1.3312 area to look for longs. None the less, I see we are in weekly demand so I am waiting for my daily cycle to play out for bias confirmation. I want a nice daily close above 1.3430 then I will look for longs upon the retest. Our first ultimate target will be the 1.3573 area on the daily chart. The two levels of stacked supply above this line (1.3592 and 1.3673) are close enough for me to consider it one area and I will be assiduously watching price there as that will be my second and final target for the bullish move. The decision points at 1.3483 and 1.3531 will be good reload/ scale in levels on the daily as well. On a side note, if we get a daily break and close below 1.3312, I will look for shorts down to the 1.3118 area upon the retest of the break. As always PA will be my guide when getting into positions. Whatever the case, EU should give up some nice coin in the coming weeks (especially with the influx of liquidity since we are getting close to the fall season.) Am I on the same page with you on this one Doc??
Same page, chapter and verse too Howard. I have a new post with a few charts on it and some areas marked off. It is great to be out of the chop zone and see some real opportunities coming along.
ReplyDeleteOh ok great. Don't know if the new post was there before or after my comment but anyway its good to know I'm finally seeing the same thing as you.
ReplyDeleteGetting to grips with turns in the market is more difficult than recognising pull backs. It is tough for more people to go against their gut instinct and if a market is falling in their eyes it can only mean there is more selling to come. I adjusted the colours on my charts back to what I used have and white charts will make a return.
ReplyDeleteIf you can see a long term change in direction, imagine what you can do when you start seeing them on all time frames. It will be a pay day nothing else can ever hope to match and life changes forever. You are well on your way.
Do we really can trade forex for a living? I never met anyone in my life before trading for living. But i heard from internet many claim it is do able. Not sure how true is it.
ReplyDeleteIf it were untrue markets would not exist.
ReplyDelete