Trading notes, EURUSD, December 13, 2011

by jennifer on December 13, 2011

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EUR/USD:   Daily bands chart is interesting today. Price made a move outside of the lower band yesterday, and today is already back inside the bands. RSI 30 held support there as well. Price is going to do one of two things:

1. Break below the lower bands and RSI 30 for a potentially aggressive move lower.
2. Support will hold, and price will move up towards the inner band.

4-Hour chart shows so possible ways to trade a move in either direction.
1. For a bullish move, I wait until I have the MACD histogram change polarity and print a positive bar. Then buy for a move toward the Combo Lines if there is still at least 70 pips of space in there at that time.
2. For a bearish move, I would like to see price go below the red support line, MACD histogram print stronger longer bars, and RSI breaks through the 30 line for a move lower.
3. Keep an eye on the daily chart to be sure price and RSI are getting through their support levels and not getting held up there before I enter a sell.


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