Patience with the EUR/USD: Intraday Double Top to Swing

On April 26 I wrote about the patience I was exercising in waiting for exhaustion to possible drive the daily EUR/USD to my sweet spot for a swing buy entry. But what do you do when the market simply won’t come back to you? It can be maddening and that’s where common trading mistakes begin to manifest.

I’m aware that the correction lower on the EUR/USD may not be a reasonable one to expect right now. The price movement is simply not showing to be likely to pan out considering that even my “aggro” 20 period SMA entry level is at 1.4496.

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PowerStats helps me gauge how realistic my potential entry level is! Pip Movement Graph courtesy of Autochartist

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Daily EURUSD chart with an uptrend and Channel Up courtesy of Autochartist.

My attention is shifting to a longer-term intraday set up which is beginning to look like a better, more possible scenario and that’s on the 240-minute chart which is also in an uptrend. The longer intraday time frame is fair game because of the solid bullish Directional Bias (always taken from the daily).

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240-minute EURUSD chart with a confirmed intraday uptrend and Channel Up courtesy of Autochartist.

The intraday double top along the 1.4880 minor psychological level could be where the selling pressure is stacking up in front of the 1.4900 level and as the U.S. Dollar Index is currently buoyed above the 74.00.

I’m sticking with the same swing strategy but simply shifting time frames to one where the pullback is a more realistic trigger.