EURUSD 6E Euro | Currency Futures


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EURUSD 6E Euro

  #1370 (permalink)

Miami FL USA
 
Trading Experience: Advanced
Platform: Ensign 10, NT7 DOM
Broker/Data: IB, IQ
Favorite Futures: Currency Futures
 
Cashish's Avatar
 
Posts: 803 since May 2011
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I don't have a dog in this fight, but like a good attorney, I could make a case for either direction.

This first chart is a VP of the last 2 days, with today's price movement and VWAP. To go up the market would have to trade through the VWAP. That spike, and this tight range ain't looking conducive for that to happen IMO. Also price action is building around the LVA of the two day profile, and hasn't shown the, "Chutzpah" to enter the value area. Maybe, it's because the overnight session traded across all of yesterday's value area twice.

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This is another view of the same VP only separated into yesterday and today. That tail may also be a test of the LVA of yesterday. Another consideration is the top of today's profile, it stopped dead at the lower level of that low volume area between 1.2605 to 1.2623 (forfeiting the short squeeze?). IMO, if price stays on this slippery slope of the upper chart, below 1.2534 to 1.2543 (VWAP) much longer, the bears will close this session for the weekend. Either way, hang on tight to your saddle horn, Tex.

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And here's a chart for the argument of an up move, it's a three day profile with today' price action. This tight range of the last few hours has built a pretty nice area of volume trading here between the -1 and -2 SD levels. Could provide support for bulls, but if that -2 SD level gives way or continues to drift lower all afternoon. A slice and dice through the VWAP and the 1.2550/55 (pivot) would surely help in blazing a trail to the top of the range (stranger things have happened). Or, the traders have left the building , and I should just go home for the long weekend. Have a great weekend, guys.

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Last edited by Cashish; May 25th, 2012 at 11:53 AM. Reason: change 25s to 26s
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