M6E1! trade ideas
EURUSD Daily idea (futures)Remember this is 6E which is the futures of EURUSD, so price levels can be slightly different.
7/31/16
I am still bearish EU weekly and want to see 1.03, but I suspect 1.17-1.19 may come first. We appear to be a large weekly abc which clearly breaks down into daily, 4hr, and 1hr WXY cycles. Under 1.09 would cause me to reevaluate the idea.
weekly - bearish
daily - bullish
4hr - bullish
EURUSD Daily UpdatedThis is futures pricing, not spot. See original idea - EURUSD Daily Idea (Futures).
4hr - long
Daily - long
Weekly - Short
EURO FUTURSWhile bulish channel has broken,
Bar pattern suggest bulish scinario
Inside day has broken to the up side
If this pattern is proven valid, we may see marginal new high in july
strategy : buy first 61.8%-retracement after a meaningful rebound
Break of Resistance triggers buyPrice approaching important resistance level. Momentum still high and price makes higher highs.
A break can trigger buy, but only with a retest, we get a high probability entry.
Laying an egg in EuropeUncle Draghi laid an egg Thursday and sent the Euro ripping. We were hoping for a uniformed move but after some leaks before the ECB announcement the Euro had it's largest one day move in a bazillion years. There was no time to position your self so it was tough to get on a long trade. If you miss a break (like we did) the next best thing is to drop down to a lower time frame (5 or 10 Min) and look for a small pullback to get n board. This trade was done in one day. Again be tactical with all the so called "smart people" talking and making decisions.
CAUTION...fireworks a headIt's a race to the bottom on the EURO. Draghi is pretty for his spin talk...we are on the side lines until Uncle Draghi is done speaking. He likes surprises and since we don't we will wait. If you are in a Euro trade lock in gains and place stops.
Euro cuts hurtA quick trade entry on the Euro resulted in a quick loss. The Euro broke above our entry last week and quickly reversed for a stop out. On reversal trades we always trade with tight stops so this was a small paper cut. At this point we will wait for the knife to stick in the ground before considering any long position. WE WILL NOT CHASE THE SHORT AT THIS LEVEL.
Quick Euro BounceThe Euro, like Gold, has been on a tear to the downside. We had a weekly signal fire off and we expect the Euro to continue down. However, one of our favorite reversal trades is setting up and we will take the long side for a QUICK TRADE. This will not be a trade we hold long and we will keep stops tight. If we get a bounce we will look for the trigger to re-establish a short position.
Euro BreakThe Euro has broken hard off the recent rally in the equities. We have broken down the wedge on both the Weekly and Daily charts. Notice how the Euro failed twice to break out above the wedge. We think this is for really and are looking to get short in the trigger zone. REMEMBER: No Trigger, No Trade!
The Euro is like a fall apple, ripe and ready!WEEKLY CHART - The euro could be perking up soon. She is ripe and ready. She will be at the top of our watch list. There was a recent false break out but that could be a clearing of stops. Since this is a weekly signal we expect the Euro to run for about 6-8 weeks. Keep it on your watch list.
