Chart to Watch

Posted on by The INO.com Team

We've asked our friend Jim Robinson of profittrading.com to provide his expert analysis of charts to our readers. Each week he'll be be analyzing a different chart using the Trade Triangles and his experience.

Today he is going to take a look at the technical picture of the EURUSD - Euro VS, Dollar (EURUSD)

 

The EURUSD put in a weekly green Trade Triangle today (08/02/12) which signals a low could possibly be in.

The EURUSD could be making a Head and Shoulders base.

If the right shoulder holds above the head part of the pattern, and the EURUSD trades higher and moves above the neckline that will be confirmation that a trading low is probably in.

So this is definitely a Chart to Watch and as always follow the MarketClub's Trade Triangles.

Thanks,

Jim Robinson
Profit Trading.com

 

3 thoughts on “Chart to Watch”

  1. That first sentence above should have read :

    The Charts to Watch are trading setups and they don't all play out as expected
    as that is just part of trading.

    🙂

    Jim

  2. did you not say the same thing about DNDN ? and the trade triangles are not fool proof.
    Perhaps why dont you do a review of your " CHARTS " to watch - and review with the triangle theory.
    Thoughts?

    1. Rich
      Hi !
      The Charts to Watch are trading setups and they all play out as expected
      as that is just part of trading.

      We still have to get the entry point to get traded to for the trade to be good.

      On DNDN I mentioned a daily green Market Club triangle and a breakout above
      resistance would be a place to consider going long.

      That never happened on DNDN and the stock traded lower instead
      and put in a weekly Market Club red triangle and daily Market Club red triangle
      which would have worked perfectly to get you short on a good trade.

      When trading the markets you have to be able to change your opinion
      on any market, stocks, futures, etc. on a daily basis and when the long side of DNDN
      didn't play out it was time to look at the short side, and the triangles worked perfectly.

      I hope that helps and THANKS !
      Jim Robinson 🙂

      Profit Trading.com

      P.S.
      I could put out charts showing you what has happened in the past,
      like a lot of market commentators do, and be 100% right all the time,
      becasue I am analysing the charts in hindsite, but that is not what trading is about,
      so yes I do take the risk of being wrong sometimes on the Charts to Watch,
      but I think that is a lot better education for the Market Club blog readers
      because it is a lot more like real trading.

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