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I am using this Blog as a mechanism to attract traffic to our Company Vampire Trading Network, Inc. I will post my analysis of the Euro FOREX Currency using our proven custom indicators. I hope you will use this information to your advantage, realizing that it is a speculation on what might happen. Any trade is a 50:50 proposition. I hope to increase your probability of success.

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Monday, June 21, 2010

EURO 4H Breakout Short 1st Target 1.2262 2nd Target 1.2200 Outside 1.2138


The Euro 4H struggled over our first target last week to 1.2462 before falling off.  The Day chart today has also turned over as it consolidates as the 4H tests the short entry.

As from our last post, the multi time frame Bollinger bands were not very well sync'd but they do give a breakout indication.  BUT as we saw the 4H almost took the entire week to decide what to do.  Given these indicators it is not done deciding there is a LOT of support all over the place.

The one thing I don't like about the probabilities is that the 1 Hour did not make a good pinch formation, rather it is what I call a sliding or falling Bollinger which is a sign of weakness.

On the Day chart we have support at 1.2338 on the 5 EMA and 1.2262 on the 10 SMA.

The 4 Hour has broken major support at 1.2352 and has next support at 1.2288, 1.2262 and 1.2238.

There is little confirmation at this time with the lower time frames as they have not truly consolidated since the craziness of  the last 18 hours.

CAUTIOUSLY:
Entry: 1.2322 / 1.2300 (YUCK!!!)
Stop Loss: 1.2464
1st Target: 1.2262
Caution Target: 1.2238
2nd Target: 1.2212
3rd Target: 1.2138
Outside 1.2112

Because of current weakness I am sure there will be a correction before then.
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2 comments:

  1. Randy LoweJune 28, 2010 at 9:27 AM

    Hello John

    ReplyDelete
  2. John McGlaughlinJuly 6, 2010 at 4:58 PM

    Hello Randy,
    Hope to try this again to see how I am alerted to comments. I dont recall seeing a post

    ReplyDelete

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