Euro-Dollar Analysis, November 13th 2012 (English Language)

Good morning,

hereunder is your video-analysis for the Euro FX currency futures:

The Euro respected the first setup short indicated in Yesterday’s comment in the 1.2740 area while the 1.2755 level was never violated on the upside. Thus, as anticipated, price continued its slide lower touching the first target level at 1.2670. Right now it is reacting on the upside but, in my opinion, this is only the effect of profit taking (no relevant support below price).

There are three possible scenarios going forward: 1) price keeps sliding towards the second target in the 1.2630 area, matching the important area of support located on the weekly chart; 2) price moves higher into the next traditional short setup in the 1.2700-05 area and then starts its move lower again; 3) a slightly larger correction higher into the 1.2770-80 area before resuming its move lower, but this latter scenario seems less probable at the moment.

A few traders in the social networks are anticipating the start of the next leg higher in the Euro, but it is early still. The crowd will be often wrong at this important turning points. We will need to wait for price to reach the 1.2620-30 area where participation from professionals and program trading is located. Assuming a position with a small stop in this moment is silly and would most certainly result in a loss. Better cultivate discipline and patience. There will be multiple opportunities to jump on a very profitable swing trade in the coming days, given the Euro actually starts an intermediate move higher.

If you want to have access to trading plans and watch weekly video reviews as soon as possible, as well as, receive special mid-week assessments (like the one I have send out on November the 7th and I am going to publish later on the Blog), plans and setups for the Euro-Dollar cross (before they happen), please subscribe my newsletter. It’s free and you get additional content, market commentaries, setups, e-books, articles on HFT and program trading, learning material and video-analysis that I don’t make available on my blog.

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Have a good day

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Filed under English language, Euro FX analysis and trade setups videos

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