The EURUSD was continuing the retrace move to the downside from the explosive uptrend that occurred after FOMC on Thursday and Friday of last week. The Long Term Profiles Yearly and Quarterly provided clear and precise resistance levels, which started the retrace on Sunday Night and it continued into late afternoon today.
Within GAFNN Live Forex Room we took advantage of the sell signals that were being generated by the weekly and daily profiles, and being supported by the Monthly Profile as it already transitioned into a retrace phase after making a bullish breakout on the month.
The EURUSD had traded below the Zone-Trader Pivot or Point of Control on the Weekly Profile, which the price of that level was 1.31270 and the cross rate was at that point attempting to make a bearish breakout on the week. This Told us to continue looking for short-term sell signals on the Daily profile and look for price to push lower towards the midpoint between MS1 and MS2 and possibly lower.
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The S&P's have been trading in a 1259.75 to 1419.75 balance bracket for the last 8 months. Thursdays close of around 1413 is only 6 handles off that 8 month balance high. When a market reaches an important reference, such as the 8 month high, the odds favor a bounce off that reference the 1st time it is reached.
Crude Oil has been in a relatively tight 91.94 to 94.72 six day balance range. Many times when a a volatile market such Crude oil finally break such a tight range- a SIGNIFICANT move follows. For day traders, many times its much better to be prepared for every possible scenario- rather than have an opinion or listen to every jackass opinion you hear on TV about which way the market is going. 
