EUR/USD Intraday Technical Levels for May 22, 2012
TODAY's TECHNICAL LEVELS:
Breakout BUY Level : 1.2874.
Strong Resistance : 1.2866.
Original Resistance : 1.2854.
Inner Sell Area : 1.2842.
Target Inner Area : 1.2811.
Inner Buy Area : 1.2780.
Original Support : 1.2768.
Strong Support : 1.2756.
Breakout SELL Level : 1.2748.
DESCRIPTION :
Today EUR/USD has support and resistance at 1.2768 and 1.2854 and is accompanied by strong support at 1.2756 and by 1.2866 as strong resistance.
If EUR/USD breaks out and closes below a 1.2748-level today, then this will indicate considerable bearish strength, while if EUR/USD manages to break out and close above a 1.2874-level, then this will denote high bullish strength. Alternatively, you can trade in a way to open a BUY position at the level of 1.2780, and at 1.2842– a SELL position, in this case both targets should be located at the level of 1.2811.
Breakout BUY Level : 1.2874.
Strong Resistance : 1.2866.
Original Resistance : 1.2854.
Inner Sell Area : 1.2842.
Target Inner Area : 1.2811.
Inner Buy Area : 1.2780.
Original Support : 1.2768.
Strong Support : 1.2756.
Breakout SELL Level : 1.2748.
DESCRIPTION :
Today EUR/USD has support and resistance at 1.2768 and 1.2854 and is accompanied by strong support at 1.2756 and by 1.2866 as strong resistance.
If EUR/USD breaks out and closes below a 1.2748-level today, then this will indicate considerable bearish strength, while if EUR/USD manages to break out and close above a 1.2874-level, then this will denote high bullish strength. Alternatively, you can trade in a way to open a BUY position at the level of 1.2780, and at 1.2842– a SELL position, in this case both targets should be located at the level of 1.2811.
Morning Signal 22/05/2012
EUR/USD
Buy @ 1.2775
TP : TP : TP : 1.2810
Dark Prophesy - Regeneration
1. Indicators & Tools:
> RSI
> MAcD
> CC
> CCfP (Trend)
> EMA 21
> Support & Resistance
> Time Frame - H4
RSI & MAcD: Well i usually use these indicators for crossovers which gives me signal that there is a high probability of price moving in certain direction. For example, If RSI crosses the Slow MA in MAcD indicator from top then it means that price has good chance to go down. Same applies for crossing from the bottom. But when price crosses in between (between the 0 area on MAcD) then it lacks direction and may have a flat market.
CC: This shows me the currency direction individually. To understand it just do a simulation on the indicator and you will see how it can show the currency direction.
CCfP: This one is really a nice indicator because it can show the proper trend most of the time and a good indicator for long term trades. It's of better use on daily time frame. But i use it to just determine trend. And don't take any decisions based on this indicator.
Demark TL: I just attach it with my chart and don't take any decisions based on it. It shows me a few minor support and resistances and a few chart patterns.
> RSI
> MAcD
> CC
> CCfP (Trend)
> EMA 21
> Support & Resistance
> Time Frame - H4
RSI & MAcD: Well i usually use these indicators for crossovers which gives me signal that there is a high probability of price moving in certain direction. For example, If RSI crosses the Slow MA in MAcD indicator from top then it means that price has good chance to go down. Same applies for crossing from the bottom. But when price crosses in between (between the 0 area on MAcD) then it lacks direction and may have a flat market.
CC: This shows me the currency direction individually. To understand it just do a simulation on the indicator and you will see how it can show the currency direction.
CCfP: This one is really a nice indicator because it can show the proper trend most of the time and a good indicator for long term trades. It's of better use on daily time frame. But i use it to just determine trend. And don't take any decisions based on this indicator.
Demark TL: I just attach it with my chart and don't take any decisions based on it. It shows me a few minor support and resistances and a few chart patterns.
Trading System
1. Checklist
> Check currency direction through indicators and analysis.
> Determine market condition
2. Entry
> EMA 21: Entering from a bit below EMA 21 is better. But there are times when i miss because of this. But still its better because i use tight SL.
> Support & Resistance: The way i draw Support & Resistance is based on closing price. So there are always spikes above close. So when entering keep in mind that there are high chance that spikes will occur. So enter from above the trendline where price might reach.
3. Exit
> Risk:Reward: 1:2
> Stop loss: 30 pips & 50 pips. In most cases i use 30 pips SL.
> Take profit: 60 pips & 100 pips initially. If i use 30 pips then i want at least 60 pips from that trade. The same goes for 50 pips SL.
4. Trade modifications: This applies when I am targeting for more then 60 or 100 pips profit.
> When price moves 50 pips then move the SL to +5 pips profit.
> When price moves 100 pips move SL on +50 pips profit.
> Later movement of SL is dependent on the situation.
Money Management
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The boxes in red that all is needed to change.
1. Lot - This is the only thing that is needed to be changed on the excel sheet. Others will automatically change according to that.
2. Balance - Here i put the amount i have initially in my balance. With different amounts i can check how much more balance i will need in order to raise my trading lot.
3. SL (30 & 50) - Since i am using 2 SLs so i put them there. If someone is using different SL then all they need to do is type in the first box (i.e. D4 & E4).
4. Resurrection & Death - Well look at G10 on the sheet. There i will have $12 on my balance. So i can do 2 more trades with my existing balance. That's why i call it "Resurrection". And then look at G11 where you can see red figures. So that means my balance would be negative and that is the death of me (I can't trade anymore).
