TREND CONTINUED 10/24/13 AM

Buy trend continued into Euro Zone.

 After the DT play, price was attractive for another bullish run.  Price will always find a better point for long entry or short entry.  It is likely to occur when the sentiment of the herd is moving in the opposite direction. 

PM LOOK:

PA played with the range and finally broke long as the averages fell to buying pressure.

Reversal off the bottom of the range seen as a long to the EMA as a minimum with the upper range target likely.

Exit and top of range hit at B11, where PA returned to test lower support and developed a bullish channel off reversal B4.  This compressed area for the MA's was a flipping point for the market.

On a 55 minute chart,  the compressed area was a breaking of the 20EMA off a reversal at bar #2.  Multi-chart looks will provide valuable information for the trader and should be a part of the decision process.

A standard procedure is the see a trade on a higher time frame, and switch to a lower time frame to pick the entry.  You would look for a PB in the trend (lower time frame), and a  break of the PB TL.  This is a better entry in the prevailing trend which resumes after the PB.

Once in the trade, switch back to the longer term chart, where you saw the trade setup, and use it to determine the exit point.

In this case, the exit was the test of the 50CB of B23 just prior to the sell off. ( 1748 area).