ED1! trade ideas
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.
The baking is almost doneWEEKLY CHART - Keep your eye on the Euro. We are getting closer to a break. If the break has legs then it could run for a few weeks.
Euro in the oven Lots of great charts setting up...Keep your eye on the Euro. She is cooking and oven is getting hot. This 8 month consolidation will find a direction and it will move.
A Big Move Coming?This is a great lesson for those who want to get on a good trade. Look at the monthly chart. Not since 2001-2002 have we seen a nice wedge pattern like the current. But more importantly look how far price moved when it broke. We expect the same with this current pattern. You don't have to catch the break...rather drop down to a smaller time frame (Daily or 4 hour) and take trades IN THE DIRECTION of the break. DON'T fight the momentum. Keep a close eye on it.
Euro Getting RipeWe are still watching the Euro. It's back in the middle of the range in no mans land. We will continue to keep an eye on this. We have a weekly signal getting ready to fire and with all the junk happening in the Europe this currency will move and we will try to be on it. Keep on your watch list.
We call it "The Drahgi"We are watching the Euro closely. Draghi said he wasn't ready to inject stimulus and needed more time to evaluate. Really? This is good news for traders. The Euro should consolidate tighter for a chance to POP in the near future. We will continue to monitor the possibility. Keep it on your watch list.
Euro love comingWe stayed out of the Euro last week to let the FOMC announcement shake the "playa's" out of the market. Even after the hoopla, price is still contained inside the wedge. The daily chart is ugly so we look at the Weekly to give us the story. If we get a weekly close outside of the wedge expect them to eat up the supply from the week of 8/24 and try to run the stops at the August highs. If they break it to the downside a test of the March lows is in order. Either way we have a weekly signal that is setting up and when fired will run for a while. For now we wait and keep a close eye on it.
Love and MarriageThe Euro has hit our zone this evening and we are on the sidelines. This weeks FOMC will have an effect on the Euro and we don have enough time to take a position before that meeting. If you must trade don't get married to the trade.
The waiting gameStill waiting. Trading is s waiting game...the better you get at it the more money you can make. Keep the E6 on your watch list.
Euro setting upDaily chart per our Weekly chart post. See "Fake Confirmed" for analysis. Look for a trigger
Fake confirmedWe look at the Weekly chart of the Euro and last weeks trading
suggests more downside. Understand that the selling that happened last week and the fact that we are back inside the wedge suggest more selling is coming. We will look for bounces to resistance and look for TRIGGERS. If they take another stab at a breakout watch the high of last week. If we reach that high then the sellers have dried up and we should get a nice pop. For now we look for shorts back to the bottom of the wedge.
Fakey Breaky...what?The Euro is back under major resistance...was this a fake break out? We are watching closely and looking for opportunities to the short side. if the bulls rally and take out the most recent highs then the squeeze will be on and Euro bears will be jumping off the ship. We want to see a test of the major resistance and sellers to step in. NO TRIGGER, NO TRADE!
More confirmed testing. Where is the supply in this market?The chart tells a story and the story unfolds bar by bar.
The Euro knife has stuck in the groundNice consolidation since the Euro's knife has stuck int he ground. We would like to see a solid break of the channel before getting involved. Stick it on your watch list.
EURUSD testing the selling climax from March 2015The chart tells a story and the story unfolds bar by bar.
EURUSD showing lack of supply at previous resistanceThe chart tells a story and the story unfolds bar by bar.
