Reversal pattern EURUSD GBPUSD
Posted on Monday, February 8th, 2010 at 11:16 am.
A lot of the Markets are over bought and over sold look for the reversal and trade with a small amount you be able to benefit of these markets. In the Forex i’m looking at the EURUSD GBPUSD to trade to the 1hr gap for my first target if it bridge the 1hr gap then i’m going to the daily gap. Looking at the candle stick pattern it’s hitting a major support resistance level and reversing. If you decide to stay in the market longer than a few days i would recommend you use proper money management and trade with a small amount. EURUSD here are my parameter of the trade. Entry point 1.3683 stop loss at 1.3618 take profit at 1.3798 so it’s a 2:1 ratio set your trade and make some money.
USD gaining alot of Strength
Posted on Wednesday, February 3rd, 2010 at 8:43 am.
As you my know the EURUSD is in a over bought situation in the Forex market i believe it will continue the downward trend for majority of the week. I would expect alot of the pair to retrace after the New York session today. I assume that the markets are going to reach the level where the market is going to go to the extremes then you will see a huge pull back in the markets.
Most case senario in the Forex market is when the U.S. stock exchanges close alot of volume gets taken out of the market. Then you can see that markets shift there move and retrace if they are tied with the USD currency pair. So if you are a day trader you need to be aware of the big news announcements during the New York session.
As you may know the markets with always respect the major support and resistance levels so i expect the market how the USD is gaining alot of strength will go to the next major level then bounce off.
