Further evidence that the euro may have run out of gas

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Okay, I’m still focusing on the euro because I want to see if we have, in fact, topped out – knowing that the Big Dogs are extremely short this currency. The only thing that gave it some oomph this week was Greenspan’s remarks that he saw the U.S. dollar being weak for the next couple years. The dumb money jumped on that, and put a bid on the euro. All week long, I have been suggesting that the euro may have run its course. Yesterday, a downtrend continuation pattern kicked in on the 15 minute chart. The first leg down got under way after the news embargo lifted on Wednesday at 8:30 am ET. Today, we have further evidence that the euro may have run out of gas. MACD had already punched down through its trigger line on the daily chart, and the 50 and 100 EMAs were both trending down on the hourly and 15 minute charts. When the news came out this morning, it caused a downtrend reversal pattern to occur. But, in essence, price was then just bucking the trend, as reflected by the EMAs. It was prudent, using the KTTN model, to look to go short on a break of the A point, with a sell stop five pips below that point at a level not ending in zero. If you want to know more about what the KTTN acronym is all about, then join us in the members are at www.forexmentor.com. There, you’ll find many more strategies, tips and techniques that will propel your forex trading to new heights.

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The Swissy followed an uptrend continuation pattern

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What do the Swissy, pound, euro, and Aussie all have in common? Well, they all danced to the same tune today. And, what is equally amazing is the fact that this was all predictable last night, well before the London open. So, four trades for the price of one. Now, what do you think that dance was? It was the fact that they all followed continuation patterns in unison. How cool! The Swissy followed an uptrend continuation pattern, while the other three all followed downtrend continuation patterns. Continuation patterns are discussed in the members area at www.forexmentor.com. They are very powerful, in that, once you recognize them unfolding, you know you’re in the money without any guesswork. Ka-Ching!

I’ll show you the outcomes in the AM Review today. That’s the advantage of being a member. You get to hear me four days a week showing you the leading-edge stuff you need to know to profit from trading currencies on a regular basis. Join the Big Dogs team, and become a member today – unless, of course, you’re already there.

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The EUR/USD may have topped out while USD/CAD keeps on marching to the moon

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Methinks we may have topped out on the euro. Let’s play follow the Big Dogs, not Greenspan. His recent comments that the greenback would be weak for the next couple of years fuelled the euro enthusiasts, but little did they know that the Big Dogs are extremely short the euro, long the dollar. I guess Greenspan isn’t a Big Dog. Beach time for him. Anyway, a resistance (a.k.a. supply or distribution) line kicked in on the weekly chart, and negative divergence on MACD to price appeared on the 1 hour and 15 minute charts prior to today’s open. Watch out below! In the meantime, the Canadian dollar keeps on marching to the moon to the tune of sweet music. Who could have guessed, huh folks? Enjoying the ride, I hope?

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EUR/USD is getting tired, be on the lookout for a good short on this pair

Forexmentor.com Forex Trading Price Action

According to COT, the Big Dogs are extremely short the Aaussie, euro, pound, and headed that way on the Swissy. Not only that, but they are extremely long the USD. This is the divergence and perfect set-up that we look for when we are looking for a turnaround in a currency pair. My reading on the euro (EUR/USD) is that it is getting tired. Witness a spinning top on the monthly chart. And witness price’s inability to break the 3270 level. Also, it is plainly overbought on the daily and weekly charts. So, we have a confluence of events here that tell me that we should be on the lookout for a good short on this pair. It’s not far off. In the meantime, the USD/CAD pair continues to march to the moon, and I know some of you are enjoying the ride. It has convincingly taken out the number two point of the 1-2-3 bottom. Ka-Ching!

Now, why don’t you just head on over to the members area at www.forexmentor.com and reap all the benefits that our members enjoy on a regular basis. See you at the top!

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