Morning all,
I checked the Comms and they still seem to have orders to open as shorts on the Euro.
On Friday I was asked how I perform my analysis and why the Euro has still risen even though I have stated it is overbought a few times now.
Last week the Euro was in an overbought position on most time frames and the DTOsc also showed the same. We also had a confluence of events (I wont list them all right now) so on this basis the bias was down. However, the end result is governed by the markets and not by the indicators and unless we start to gamble and use wayward techniques or blind techniques to decide to go long and short, we can only go by what we see and the market has shown us it was overbought. Comms were also ready to open shorts so the fact the Euro went up against our analysis is not a problem except for any short term losses that may have been acquired. Xmas is also sometimes a difficult period to trade so for those that feel the market has moved against them and they are unsure what to do right now then perhaps trading again inthe New Year would be a better option due to possible choppiness in December.
Deal below swing low with DTOsc in overbought region are shorting possibilities.
Deal above swing highs with DTOsc in oversold region are long possibilities.
Euro is still showing some strength at present so wait for swing low break for any shorts otherwise the trend is your friend.
I will post charts again when we have something new on the Euro.
Good luck everybody.