EU - 27th December 2012 - 2 hours after London Open - Intraday view
This chart shot was taken at approximately 10am UK time and 5am NY on the Thursday 27th December 2012.
It shows a 10 minute chart in a daily over approximately 10 days to include last 2 highs.
Remember these highs were lower than previous highs at 3308 and 3294 ish.
Price is presently got to a high of 3275 and for me is a scalp sell to an interim support area - which is as follows -
-3264 - 3250/2 - 3240 - 3231.
Immediate resistances above are now at 3275 - 3280 - 3290 - 3294 -3300 and 3308.
Is 3275 a LH now to 3294 and 3308?
Personally I don't think so - but it might be a rest/ pullback area to test supports below. We will soon see.
As I type it as stopped at 3264 which is first interim support - so unless broken I just take scalp sell part profit or close.
In the last 5 hrs we have had a 50 pip rise - so any pullback I would expect really under 20 -25 pips.
The EU is OB still - but slowness / low volume etc can soon dissapate or overcome that problem rather than a 50 - 150 pip retrace.
On the Fundamental side - the Fiscal cliff problem might be a reason for the EU trying 3300 again - but I will only be scalp buying if we stay above 3250 again for the time being and of course try over 3275
With it being an holiday - I am not planning to take loads of intraday trades today - but will update at least every 2 hrs in between other duties - including eating mince pies and drinking sherry and generally relaxing etc etc ;-)))
Enjoy and have a great day whatever you have planned
Regards
Peter
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Comment by Peter jcp on December 27, 2012 at 11:09am -
The EU rest is carrying on and atm its now breaking under 3260. I looked at my calender and see we have 3 red priority US news items over the next 4 hrs. I can imagine these might have some effect - or can be used as an excuse for any movement if need be.
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Comment by kamdi eloji on December 27, 2012 at 12:07pm -
hi peter merry xmas hope u had a good one ,, so far like u rightly said eu is totally resting on the range of 326 kind of in the middle of either rally or drop what do u suggest?
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Comment by Peter jcp on December 27, 2012 at 12:16pm
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Hi Kamdi - thank you and similar to you - atm high is 3275 and low so far 3257 - a 18 pip range. Since this last hr we have stayed above 3257 and it as been a scalp buy from over 60.
If you are scalping we would want to look for more scalp buys over 60 - 70 and 75 for R's at 3280 -3294 -3300 etc.
If 3257 lets go then was have supports at 50-53 - so would need under there to scalp sell for 3240 or lower at 3232 area.
During the next 2 - 3 hrs we will break out of the range - but with it being very slow we still might drop lower before trying over 75 - if that's going to happen. The EU is in a up trend still and would need under 3230 and 3200 to start any real change of going lower.
Hope that helps
Regards
Peter
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Comment by kamdi eloji on December 27, 2012 at 12:24pm
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thanks as always u have been kind it helps so we will wait and see what happens in few hours
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Comment by Peter jcp on December 27, 2012 at 12:31pm
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This chart shows scalp buy and since posting its as gone over R at 3275 and will try next resistances now.
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Comment by Peter jcp on December 27, 2012 at 1:19pm
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Comment by kamdi eloji on December 27, 2012 at 1:37pm
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peter the chart you just put shows a down trend heading towards 3200 am i right or am i reading it wrongly
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Comment by Peter jcp on December 27, 2012 at 1:49pm
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Hi Kamdi - the last chart was a tick chart I use for scalping and trading on highs and lows. It was a sell under the high of 3284 with supports shown at bottom of the chart at 3258 area. Price only went down to 3262 and 3265 became a scalp buy with targets now back at resistances of 74 and 84. If both are breached we go higher - if not we will try lower to 3258 etc etc.
I am mainly intraday short term and all my scalps are targeted for normally 7-25 pips only. For a drop to 3200 could be another 3-10 trades away - as it is beyond my range - and of course would only happen if supports are broken under 3258- 52 - 40 -31 etc etc.
I hope that helps - please remember I am not really a swing trader looking for say 50-200 + pip runs - but instead just follow order flows and intraday hourly bias.
Regards
Peter
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Comment by Peter jcp on December 27, 2012 at 3:28pm
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Well this last 30 minutes from the hr at 3pm UK and 10am NY as been great with over 40 pip drop on EU - see chart and then the EJ which had already been dropping - fell over 80 pips and still going - Hold on to your hats for a bit longer ;-)))
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Comment by kamdi eloji on December 27, 2012 at 3:36pm
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peter i got the drop right on time took profit at 132189 did u? i reckon it will stay there for a bit before retracing up to 32715 ?
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