Monday, December 10, 2012

EURUSD Trade Plan

myfxvoyage.blogspot.com EURUSD Channel Short Trade
EURUSD H4
I am watching this setup from past few sessions. Previous post [here]. Initially pair bounced from 200EMA on Friday, but since then has come back below 200EMA. Details [here].

 After break of 200EMA, focus comes on horizontal support area. This area has been on-off as support & resistance. 


A break of this area calls for more downside and bring focus to channel's lower trendline. 

 I will watching this area closely and will see how price reacts when Europe comes in. I plan to go short on break and hourly close below this area.
at
Labels: , , ,

5 comments:

  1. UnknownDecember 10, 2012 at 6:00 PM

    It does makes sense.

    ReplyDelete
    Replies
    1. CaffeineDecember 10, 2012 at 11:46 PM

      Yeh, its a nice setup. Did you hop-on this trade.??

      Delete
  2. XavierDecember 11, 2012 at 11:45 AM

    Read here, http://www.swing-trade-stocks.com/moving-averages.html that price don't bounce off moving averages but rather at a fixed price where orders by significant traders are made to defend the support line that translates to their trade.

    ReplyDelete
    Replies
    1. CaffeineDecember 11, 2012 at 2:08 PM

      Doesn't that mean that plenty of traders brought at touch of moving average.??

      Delete
  3. XavierDecember 11, 2012 at 10:31 PM

    From what I understand, the traders don't use moving averages to trade, rather, at a price they are unwilling to lose.

    ReplyDelete

Subscribe to: Post Comments (Atom)

Related Post

loading..