Eur/Usd: Technical Analysis May 11, 2010

I’m going to steal Casey’s thunder today and go for the EUR/USD

The Chikou Span sets the stage for this pair. Acting as a momentum
tool, it shows above the current price and heading south. The daily
chart shows nice crossovers in both the Tenkan-Sen (Blue) crossing
the baseline Kijun-Sen (Red) and the MACD confirming.The MACD
continues south and separating nicely. All the current price activity
is below a thin cloud formation indicating low volatility and small
pockets of support.



Position Summary for EUR/USD
TP 1.2520
SL 1.2830

All times, unless specified, are stated in (EST)
EUR/USD The most active days for Eur/Usd are
Weds (19% Trend Movement), Thurs (24% TM) and Fri(21% TM).
On these days 78% of trends occur between 01:00 and 13:00.
35% TM begins at 05:00

A profitable strategy is useless without discipline. Many traders end up
losing  money because they fail to make trades that meet their own
criteria. “Plan the trade and trade the plan” …. Success is impossible
without discipline.

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