BarroMetrics Views: Purpose and The EURUSD
I dislike organizing seminars; believe me there is a lot of work involved. A friend asked me yesterday: “Why do you it? At the price (A$650.00), they should be breaking the doors down to get in; instead you are working your a.. off to fill your target!”
Hey I never said holding an annual seminar will be easy, especially since, as Chrisy (my wife) says, I sell hard work rather than empty promises. Ultimately our purpose and commitment to that purpose will determine the success or failure of an outcome. It took 7 years to build my name in this part of the world. At one stage the question was: “Who is Ray Barros? Why should we invite him to speak at our event?”. Now it’s: “See if Ray is available and do your best to get him to speak for us”.
So who knows, next year I may not have to work so hard to fill my seats to the free event (the over-600 crowd on May 15 was the result of much hard work on the part of many) and to fill the seats to my paid 2-day seminar. And if I can help just 5 traders avoid the mistakes I made when I first started, then it would be all worthwhile.
But let’s turn to the markets.
The EURUSD is the hottest thing around at the moment. Every time I have been interviewed, I could count a question on it.
Figure 1 shows the 12-M swing. Given the volatility of the sideways congestion, I would expect the current pullback of the breakdown to take the form of a sideways market. The low seems well established at 1.2185 or so. We need only find the high where the EURUSD should congest for a day or two. Right now the favourite candidate is 1.2420. The range provides the following info:
- Primary Sell Zone 1.2420 to 1.2390
- Maximum Extension 1.2466 (say 1.2470).
- Primary Buy Zone: 1.2217 (say 1.2220) to 1.2185
- Value Area 1.2343 (say 1.2345) to 1.2265
- Death Zone 1.2304 (say 1.2305) to 1.2265
Acceptance above 1.2470 raises the possibility of a Negative Development Buy that has a target zone beginning at 1.5625. I’ll deal with that should we see acceptance above 1.2470.
FIGURE 1 12-M EURUSD
FIGURE 2 60-min EURUSD