Mmm, nice trend on Thursday, and it even over shot the final profit target from yesterday’s post by 20 pips to hit 1.4820 which is currently the low of the move.  The range between 1.4820 and 1.4800 is support.   If that breaks targets beyond are at 1.4775 and 1.4740-1.4730.

A pop above 1.4880 will likely make a run at 1.4900.  A rise above 1.4920 indicates a larger pullback with targets 1.4940 and 1.4980 if previous level is exceeded.  Beyond this we have a strong resistance level in the 1.5000-1.5020 range.

Day trade the day lights out of it,

Cory Mitchell, CMT
Chief Market Strategist
-Know your risks when trading. Please read the Legal Disclaimer page.

Another fairly tame day Tuesday, but the moves were rhythmic and capturable within the 80 pip range which is once again a fair bit below average.  Here is what we can look for on Wednesday.

That the EUR/USD forex pair cannot get to 1.5060 is a little disconcerting.  I recall another time we could not push through this level….oh wait…that was last month when we plunged 400 pips when we tested this level several times.  Will that happen again?  Who cares, we have to trade it one day at a time anyway.

The likelihood of a break up OR down at this level is pretty much the same.  Am I hedging my comments…absolutely.  Trade with price at certain levels and it will tell you which way it is going to go.

A rise into 1.5025 indicates a test of Tuesday’s highs at 1.5040-1.5045.  Movement above indicates a test of former highs at 1.5060 and beyond that (if needed) 1.5115 and 1.5140.

Support is between 1.4950-1.4940, followed by 1.4910, 1.4880 and 1.4840.

Day Trade the Day Lights Out of It,

Cory Mitchell, CMT
Chief Market Strategist
-Know your risks when trading. Please read the Legal Disclaimer page.

Tuesday was fairly reserved, keeping within a range of about 80 pips which is well below average.  Given that we are very close to a pivotal level this can be expected.  The range that has established provides opportunities to trade either side of the market.   The bias is still up and another wave higher is likely, yet as we push at a critical resistance point we need to be aware of the targets on the downside as well.

Support is 1.4940, with a  break below indicating a move to 1.4910.  Beyond 1.4880 and 1.4840 are the targets/support if needed.

A break above 1.5020 indicates a test of former highs at 1.5060.  This level was mentioned in yesterday’s post, and the market could not push through it.  If we do break to the upside and also move through 1.5060, further targets are 1.5115.  There is little resistance beyond but prices should stall today by 1.5140 if we do in fact break to new (yearly) highs.

Cory Mitchell, CMT
Chief Market Strategist
-Please read the Legal Disclaimer page.

———————————————————

You and I both know there are plenty of good trading courses out there, but for traders just starting out, they’re a bit pricey. So why are we paying thousands when we don’t have to?

Well, here’s an alternative to those high priced programs and it will help just about everyone.

It’s called INO TV and I have an “on the house” preview just for my members…

http://www.ino.com/info/36/CD3784/&dp=0&l=0&campaignid=9