This report was sent to subscribers on 2/4/10 6:00 p.m. Chicago time to be used for trading on 2/5/10. Everything is done by Howard Tyllas, no program or black box.
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March Euro
After the close on 2/5/10: My pivot acted as resistance and was 137.22, .24 from the actual high, and my support was 135.88, only .04 from the actual low.
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139.66 Resistance |
138.56 |
-------------137.22 Pivot |
135.88 |
134.60 |
|
Trend |
5 day chart ......... Down (last week same day) |
Daily chart ......... Down |
Weekly chart ........ Sideways |
Monthly chart... Up 142.97 is the 200 day MA |
ATR 129 Extremely Oversold 4% |
Bears captured the downtrend line and now hunt for support that is "off the chart". I used the weekly chart to get the support numbers, the resistance numbers were gotten from the 5 minute chart.
In my daily numbers on Thursday; my resistance was .66 from the actual high, my support was .14 from the actual low.
March Euro for 2/5/10:
Three main drivers in the FX are economics, earnings, and politics; I will stick with the charts and my numbers.
I will leave the fundamentals to you and stick with the technical's when trading the currencies.
Euro: Spot on support and helpful resistance. Same thoughts going forward, I want to sell rallies and stay short longer term.
March Euro for 2/4/10:
Euro: Helpful numbers at best. Not an easy day for my numbers, but what is easy longer term is the direction. How to manage time is always a critical issue to be reckoned with. It does not matter if you are right next month if you broke next week first. This is the main reason that I always have a place where I do not want to assume more risk. The alternative is to see how wrong you can get in time, and wait to see if you go broke on 1 wrong idea, and then watch your trade turn around and become correct. Managing time, managing risk. I want to stay short longer term, and sell rallies.
March Euro for 2/3/10:
Euro: Helpful numbers. It would not surprise me to see the market inhale some more after exhaling all the way down to where we are, but a rally near 142 should be sold, and I would stay short longer term looking for a retest of the 135 area.
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Disclaimer: No guarantee of any kind is implied or possible where projections of future conditions are attempted. Futures trading involve risk. In no event should the content of this be construed as an express
