- The MKT has a soft tone against an underlying positive trend. On the SELL side accept UP FADE signals on the 1st or 2nd press into the area only. REVERSAL strategies should only be done off the UP or the previous session high point and will immediately work if they are going to. Keep position and risk management tight on these trades. SELL DP BREAKOUT strategies are aggressive but do have potential to be the start of a larger corrective turn. Keep risk management tight.
- On the BUY side accept REVERSAL signals off all major inflection levels, expecting the underlying positive momentum to resume. DP FADE strategies will work better with confirmation as the MKT is in a corrective state and will be probing lower looking for soft spots. Work any BUY DIR and UP BREAKOUT strategies as any positive shift in momentum has the potential to be the start of the next leg higher. DIR FADE strategies after the UP Breakout should use greater leverage.
Today's PRICE MAP Performance for EU
- Today we had a CORRECTIVE signal in an underlying BULL TREND Market. With the R Level at the DIR, we are looking to accept BUY signals above that level with the expectation that a breakout of the Critical Range could be a resumption of the bull trend. At 2:30 A.M., we are given out BREAKOUT signal as the market penetrated the UP. If a trader hadn't gotten long the market at this point, they should have definitely been long the market after the UP held support just after 4 A.M. The market continued higher throughout the morning session, had a brief pullback at the UT1, then hosted a fierce rally taking price all the way up to our target at the UT2 where profits should have been realized. Price had a brief correction, similar to the one seen at the UT1, and then continued through the UT2 making it all the way up to the second minor level above the UT2 at 1.2814. Defining Market State, Structure, and Strategy proved to be a profitable formula for trading the EURO CURRENCY today.
