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Supports

EURUSD SITTING ABOVE MAJOR SUPPORT. WILL IT BREAK?Do not be fooled by the hype. There is a lot of bearish sentiment on EURUSD. On the broader time horizon fundamentals may support a more bearish view, but the world is not the simple. From a technical view, there is a short term support area at the 1.3500 level area. Any retracement back into the major support zone of 1.3512 - 1.3460 area is where I will look for long confirmations. If price closes below 1.3450 with conviction, I would then reevaluate this long scenario. 1.3450 is a good reference point to gauge risk from. If price can bounce out of the support zone, the first target I would watch for is the 1.3570 area which is an old historical support, now a resistance. If price closes above there aggressively, a push into the low 1.36's is more possible. Keep in mind a trade at this magnitude can take days to unfold. Consistent trading requires many qualities. Do you have them? I wrote an article that highlights 3 elements that I think are required in order to achieve consistency as a professional trader. You can read it here: www.unconventionaltrader.com
by MarcPMarkets
AAPL Intraday Supports On Watch For LongsAPPL has been demonstrating strength for some time. From a purely technical standpoint I view recent weakness as as possible buying opportunity on a day trading basis. If price can retrace back to the 92.22 area, I will be looking for bullish validation and set targets in the 93.50 to 94 area for an intraday trade. If price only retraces to 93.40 area and price action validates to the long side, again I will look to take a position and set targets in the low 95 area. These type of trades should unfold over the course of the trading day. If you are feeling more aggressive and want to hold onto a partial position, an aggressive target would be at the previous swing high up in the mid 97s. Keep in mind if price action does not validate at the anticipated levels, it is possible to enter scalp traders on continuation patterns that follow the initial push off the support area. The point of this analysis is to provide levels to anticipate if price can get back to these levels. If not, then further evaluation is required before any positions can be justified. Also keep in mind, as a buyer, make sure the SPY or the S&P futures are also showing signs of strength. I If the broader markets are weak, price has a greater chance of violating these support levels. Developing a thought frame work and mindset that facilitates consistency is one of the toughest parts of being a professional trader. I wrote an article that addresses 3 elements that I believe are required to promote consistency in your trading. Read it: unconventionaltrader.com
NASDAQ:AAPL
by MarcPMarkets