Eurodollar 4hr- 4-20 and 4-24-2007

I want you to see something because it relates to the lesson I sent you last night on outside bar reversals. I'm not ready to get into intraday trading L.C.M. with you yet but I want you to see that the same techniques that apply to the longer time frames also apply to intraday. Go down and refresh yourself with Friday's post Eurodollar update 4-20-2007 4hr and copare it to today's 4hr chart.

See how the 4hr today is responding to the outside bar setup and has reversed up off the red line I drew.

Well, that red line just happens to be daily support in the form of 3 bar equilibrium. I know I haven't gotten to deeply yet into 3 bar in our reference chart series but it's coming this week I promise.

I sometimes want you to see how things develop in real time and at times intraday is the only way to do that. Since the action is in line with what we are currently talking about in our lesson (outside bars) I thought you should see it.

The main thing I want you to remember is how it illustrates what I told you about basing your intraday trades off daily or longer support and resistance levels. So, look at Friday's chart that I posted and compare it to the chart I've presented today. Then compare it to the lesson I sent you last night.

Notice how it is very similar to pivot 6 on our reference chart which by coincidence happens to be the focus of our next lesson.

Nothing is absolute, everything is probability.

Jerry
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