A Trading Plan for the Euro-Dollar FX currency futures going forward, Dec 12th (English Language)

Hello traders,

I have reviewed the high-level plan for the Euro-Dollar FX currency futures for the Mid-Week update of this week which I typically share only with my newsletter subscribers. Only for today I am sharing the plan on the blog, as well.

ast week the Euro kept moving lower into the all the way half way back at 1.2910 (on new March 2013 contract, it was 1.2900 on the December 2012 contract) that held and we saw higher prices since the beginning of the week.
The Euro now needs to keep moving in extensions higher otherwise there is a risk of a retracement back to the 1.3000 area. Thus the two scenarios I can see are the following (please refer to the below picture ).

Scenario 1: price keeps moving in extensions and never falls below the 1.3058 level. In this case we could see the 1.3250 target area hit by the end of the week.

Scenario 2: price falls below 1.3058 and moves into the 1.3000 support area and then resumes the move higher into 1.3250 and then 1.3440. If price trades into the all the way back to 1.3000 we will need to watch the 1.2970 level. Below it the 1.2910 support area could be retested for the second time (a dangerous test).

Trading plan scenarios for the S&P500 index moving forward”, December 12th, 2012

Trading plan scenarios for the S&P500 index moving forward”, December 12th, 2012

(Click here to enlarge)

Should you decide to operate based on this information you are invited to do your own due diligence, consult a registered trading professional, as well as, understand the risks involved. This information is for educational purpose only. Please read the Disclaimer and accept all involved risks.

I write a Newsletter I send over on Sundays along with other information, typically including: a weekly review for the Euro-Dollar cross, other Forex pairs, indices or commodities futures an some high volume stocks, as well as, articles on my trading method, market commentaries and HFT/Program Trading, from which I derive my edge and market psychology. Please, register here to receive the free weekly newsletter.

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1 Comment

Filed under Articles, English language, Newsletter, S&P mini futures setups and trades, Trading Plan

One response to “A Trading Plan for the Euro-Dollar FX currency futures going forward, Dec 12th (English Language)

  1. You’ve made some decent points there. I checked on the internet to learn more about the issue and found most individuals will go along with your views on this web site.

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