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Price Distribution Analysis - 6.6.2008 - Euro / GBP / JPY
[IMG]http://www.askdrt.org/storage/website-images/65x65avatoar.png[/IMG] [U][B]EURUSD[/B][/U] Traders should have set longs yesterday on the move through 1.5418 and exited on the push into the balance level of 1.5551. We continued to build value above the balance level which is a bullish sign for further upside potential. Traders can set new longs on a move down to balance at 1.5551 and target the 1.5685 level. Exit here and observe. Our longs would be proven wrong if price moves back below balance and settles there. If this occurs, traders should exit longs. I expect price to range trade between the 1.551 and 1.5685 level before further upside. If price does move up and holds below the1.5685 level, then we can look to set shorts for a move back down to balance. [IMG]http://www.askdrt.org/storage/ff-pda-column/eurusd/eurpda%206.6.2008.jpg[/IMG] [B][U]GBPUSD[/U][/B] The GBP is currently trading up from the Value Area [-2]. Focus on the 1.9592 level and use this as a pivot as well as a guide for risk. The distribution needs to balance by moving up towards balance, however the trend is down. My bias is for a move up to balance, but it is not clear. If we move above 9592 and trade above, then set longs and target the balance level of 1.9698. Exit here and observe. I expect range trading to develop between balance down to 1.9592. We will look to set shorts if price remains below balance. If we do not trade up through 9592, then go with the trend and set shorts for a trip back down to 9486. Being on the sidelines, until the picture is clearer is a good option also. [IMG]http://www.askdrt.org/storage/ff-pda-column/gbpusd/gbppda%206.6.2008.jpg[/IMG] [B][U]USDJPY[/U][/B] The JPY is currently trading in the value area [+2] and is building value. This is bullish and we want to go with the flow until proven wrong. Trader can look to set longs on a move down and push below the 105.68 level. Target 106.72 and exit. Risk in the trade would be a sustained move below 105.68. If this occurs exit longs. If price does move up we want to observe price action at the 106.72 level before deciding to set up shorts. If we move below 105.68 and settle, we will look to set up shorts. [IMG]http://www.askdrt.org/storage/ff-pda-column/usdjpy/usdpda%206.6.2008.jpg[/IMG]
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- Comment #1
- Jun 5, 2008 6:37pm Jun 5, 2008 6:37pm
- oktagon
- | Joined Aug 2006 | Status: Chartist | 1 Comment
- Comment #2
- Jun 6, 2008 10:38am Jun 6, 2008 10:38am
- Dave Floyd
- | Commercial Member | Joined Aug 2007 | 0 Comments
- Comment #3
- Jun 6, 2008 11:15am Jun 6, 2008 11:15am
- Turtle
- | Joined May 2007 | Status: Member | 0 Comments
- Comment #4
- Edited 1:28pm Jun 10, 2008 10:57am | Edited 1:28pm
- trader8686
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- Jun 27, 2008 3:49am Jun 27, 2008 3:49am
- young trader
- | Joined Jun 2008 | Status: Member | 0 Comments