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Mr Phil Newton or on LinkedIn Phil Newton trader

Simple Price Action Trading Locations | Week commencing 10 Jan '11

Phil Newton's picture

Hi Folks, 

not too many changes to the locations I looked at last week, one or two adjustments and refinements to be made as the start of some of last weeks start of movements.

EURUSD

Weekly charts developed an engulfing week on EUR a common theme we have seen recently with engulfing bars is a narrow ranging bar to follow for next week. Assuming that develops, a retracement up towards 1.3200 might be anticipated.

Secondary scenario would be a more classical assumption for price to "follow through" and continue with last weeks strong momentum and direction.

One thing that did catch my eye this weekend was most of the press was touting EUR to push down as low as 1.20, while it might get there, thinking contrarian for a moment, if the press is representative of the general public and the public are usually the last to know anything and are usually wrong then it would be fair to assume the opposite, at least in the short term.

Either way price is at a good location for a short term rally or a follow through movement and the strategy will take care of the rest.

The above comments pretty much just help me to formulate a potentially likely primary scenario that price could be a little sloppy and narrow ranged this week before price action puts in something more significant again. Obviously this is another occasion I would actually like to be wrong as although it is my preference to trade through these periods of (anticipated) slop it doesn't mean I like doing so.

Simple Price Action Trading



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