This report was sent to subscribers on 9/1/10 4:50 p.m. Chicago time to be used for trading on 9/2/10. Everything is done by Howard Tyllas, no program or black box.

September Euro

After the close recap on 9/2/10: My resistance was 128.56, only .08 from the actual high, and my pivot acted as support and was 127.19, .17 from the actual low

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128.56                                Resistance

-------------127.92          Pivot

127.28                               Support

Trend

5 day chart ...... ... Up  from last week same day

Daily chart   .........Sideways

Weekly chart ........Down

Monthly chart...     Down    133.81 is the 200 day MA

ATR 1.20                Overbought 79%

 

Recent highs are resistances, recent lows support.

September Euro for 9/2/10:

In my daily Euro numbers on Wednesday; my resistance was .22 from the actual high; my pivot acted as support and was .15 from the actual low.          

Three main drivers in the FX are economics, earnings, and politics; I will leave the fundamentals to you and I will stick with my charts and my numbers for price discovery. 

Euro: Spot on numbers. I still want to take the sell at 129 and risk .35 on the trade idea. Trading without bias has worked well but I am skittish to take the buy today. I want to take the sell signal only today but prefer to sell at resistance. If I was an aggressive bear I would sell below the pivot. If I had a 20 contract limit, I would sell 10 at the resistance, but only 3 below the pivot; this is how I reflect that "all trades are not created equal". The more I like the trade based on my criteria including risk reward, the more contracts I commit to. The contract size never exceeds what I want to lose on that idea if it does not work so I adjust accordingly. 

New Subscribers: Keep in mind that these are day trading numbers. They are equally to be used for swing trading and longer term trading time frames on the day I want to enter or exit my position. The charts are to be used for overall trade location looking for areas of price discovery of support and resistance levels. When the market does go to the charts longer term support or resistance levels such as bracket lines or longer term trend lines, I use my numbers on that day to enter or exit my position. The numbers do not tell you what to do, you are in control of that, but they will give you a framework to try and buy or sell at the best price for that day. For me it gives me a strategy and the best way I have found to discover the best price for entering or exiting my trade ideas.

If I have the exact numbers for the actual high and low of the day 12 hours in advance, the question has always been, how do I trade it? That is what I best describe in my numbers explanation. Any intuitiveness or nuances I trade, I would keep a journal to see if it is worthwhile overriding my plan. I rarely go against my explanation

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           May Your Next Trade Be The Best                          

                     Howard Tyllas            

   Tel.1-312-573-2699, 1-312-823-9189

Disclaimer:     No guarantee of any kind is implied or possible where projections of future conditions are attempted. Futures trading involve risk. In no event should the content of this be construed as an express or implied promise, guarantee or implication by or from Howard Tyllas, that you will profit or that losses can or will be limited in any manner whatsoever. No such promises, guarantees or implications are given. Past results are no indication of future performance