The 17 Nation Eurozone reports that roughly 19.1 million people are unemployed and businesses are making drastic cost cutting measures via denominator management which only fuels the unemployment fire. Today’s NinjaTrader chart of the day, powered by the free End of Day Kinetick data feed showcases the Daily Euro FX Futures ($6E_F) since late November 2012. A Donchian Channel, created by Richard Donchian was added to the daily price action. It uses the highest high and lowest low of a time period to plot the channel as a simple trend-following breakout system. Technical investors typically go long and cover short positions when the price closes above the channel, and go short and liquidate long positions when it closes below the channel. Additionally, the SMA Regions indicator was added which draws a region on the chart between the 20 (red) and 50 (purple) SMA’s which offers great indications to determine when a price action is trading within an adequate channel to avoid overbought or oversold environments. Today’s Daily Euro FX chart was created by using all of the advanced charting features of the free NinjaTrader 7 platform. Trade Like a Pro, and download NinjaTrader today!
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