I am publishing the trading plan for the Euro I have shared on March the 11th, to my newsletter subscribers (published in the last mid-week update, you can see an example here) . I update this plan every evening from Sunday to Thursday in my free Newsletter. Notice that price projections you will find hereunder are not from/to random levels and do not follow Elliot Wave, DiNapoli levels or other methods, but rather a proprietary Trading Method based on the observation of the effects of Program and Algorithmic Trading on price (see David Halsey’s work).
‘The Euro FX futures is still in measured moves lower on the daily chart. The last setup had resistance and short entry around the 1.3170 level with a stop above 1.3205 which was never hit. The first target in the 1.2950 area was only hit yesterday. Those who though the BCE rally was the start of the move higher of the Euro were mistaken (of course Fitch downgrading Italy was already ‘known’ the day of the BCE rally). Please also review the Euro FX currency futures video-analysis and forecast for Monday, March 11th 2013.
Picture – “Trading plan for the Euro moving forward: a move down into the 1.3200 level and then 1.2900 (4-hour chart) – March 10th, 2013″
If we consider the 1.2950 first target hit on Friday we have two possibilities now. At the beginning of the week we could rally into the 1.3040 area (or even higher breaking the 1.3065) level and then come back into the 1.2900 support; or,price could just keep moving lower into the 1.2900 area of support. Hereunder are the two scenarios (refer to the above picture):
Scenario 1. Price does not trade the next traditional short at the 1.3040 area, but just keeps moving lower into the 1.2900 area of support. We could witness participation in the 1.2900 from professionals and Program Trading.
Scenario 2. If the Euro gets a bid on Monday price could move higher into the 1.3040 area or above and then resume the move lower into the 1.2900 area. In the 1.2900 area or slightly below it we could witness participation from professionals and Program Trading.
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.’
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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.
Have a great evening.