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Daily Technical analysis
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[QUOTE="Martin Kay, post: 52203, member: 25911"] [b]EUR/USD DAILY as of Wednesday, 18 September, 2013[/b] [B]*** Intra-Daily Trading Strategy: SELL Euro Dollar / US Dollar Sell Target: 1.3345 Sell Stop: 1.3364 Enter New SELL on OPEN and exit SELL positions at Target price or at Stop price. (NOTE: Adjust Stop Loss Price according to your trading risk.) Do not reverse after exiting. This is a recommendation for INTRA-DAY TRADING only!!!!![/B] A black body has formed as prices closed lower than open. The previous 10 candlestick bars, there are 6 white candles versus 4 black candles with a net of 2 white candles. The previous 50 candlestick bars, there are 25 white candles versus 25 black candles. A spinning top has formed which is a candle with a small real body. Spinning tops identify a session in which there is little price action as defined by the difference between the open and the close. During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble. MACD is BULLISH as the MACD is above the signal line. The MACD crossed above the signal line 3 period(s) ago. Since the MACD crossed the MACD moving average, Euro Dollar / US Dollar's price has increased 0.43%, and has been fluctuating from a high of 1.339 to a low of 1.325.The MACD is currently not in an Overbought/Oversold range. The Stochastic Oscillator is currently above 80. This is an indication of an "overbought" condition. Stochastic was a Buy 7 Period(s) Ago. The Directional Movement Indicators (DMI) currently is not indicating any specific price direction and should not initiate any trades right now. Directional Movement Indicators (DMI) and SAR signal was a BUY 5 period(s) ago. The close is currently ABOVE its 200 daily moving average ABOVE its 50 daily moving average ABOVE its 20 daily moving average With strong confirmation from the short term-trend and a current Buy signal. The current market condition for Euro Dollar / US Dollar is Very Bullish Euro Dollar / US Dollar closed below the upper Bollinger Band by 27.6%. Bollinger Bands are 25.10% narrower than normal. The current width of the Bollinger Bands (alone) does not suggest anything conclusive about the future volatility or movement of prices. Elliott Waves High Volatility has detected a possible point 4 of a WolfWave (21%) pattern for Euro Dollar / US Dollar. This pattern is an expanding triangle and trades from the next point. When the peak or trough will form, usually after crossing or touching the extended line of points 1 and 3, the price will move in the opposite direction towards the target line formed by the extension of points 2 and 4. An Inside Day Narrow Range was detected by your Elliott Waves High Volatility on 18/09/13. This is usually a trade set-up opportunity. Elliott Waves High Volatility has detected a Gann Swing or Pullback that is usually a bullish pattern! It should be used with other indicators. The present wave patterns are: fast amplitude (8%): bullish wave 1 moderate amplitude (13%): bullish wave 3 [/QUOTE]
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