A look at the weekly, which is decidedly still bearish for the moment.
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What we need here is a shelf around the 2800 area to hold and make a HL, then HH, to turn bullish. Failure of this level will likely see us continue the downward channel from May 2011.
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The following 7 users say Thank You to Big Mike for this post:
Asian Session has not always been good to me, so i will just have to see which direction it takes for London Session.
Good Set up, but i am more of a London/NY Session Trader, i will document this one afterwards.
The following 2 users say Thank You to sandptrader for this post:
@Jedi, Have to go back to 9/30 for the area we are in now. You mentioned we seem to be sitting on some support; at what point do you decide it becomes resistance, as opposed to some failed breakdown / we continue to hold this area? That should answer your question. And, what would your target be? .2810ish and then?
Last edited by Gary; November 4th, 2012 at 10:06 PM.
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I'm thinking 1.2820 might be a trigger point but I might wait for 1.2810 and add on retrace.... the problem is where to put the stop.. From what I'm seeing, this trade looks like it has potential to travel.. I'm thinking 1.2650 area on the 480min..
This will be my 1'st Euro trade.. I'm contemplating a live trade but the stop looks rich.. I would take a similar approach in the scale out, maybe 10/20 ticks on 2 and let 3'rd run to target.. but 3 cars with a 40 tick stop loss = a nice chunk, but if this goes, it looks like it can travel..
The other option is to wait for a retest of 1.2840 and try a short and get scaled prior to the retest of this low.. the stop would be much more manageable..
BTW, I'll be using a fib target.. This will be a side of Jedi like you've never seen... the MACD and FIB trader...