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.
Over bought with the USD currency pairs
Posted on Saturday, January 30th, 2010 at 1:32 pm.
In the Forex market a lot of the pairs that are trading against the USD currency pair you will see that they are approach to a major support and resistence level and according to the fib levels they are over bought or over sold. So giving everyone heads up look for a candle stick reversal pattern or break of a trendline and you will see alot of the markets will retrace in the other direction. You will want to use the 24 EMA 28 EMA or also known as the daily gap as a target. If you use the day chart as your guide to do your technical analysis with the Forex then you will have alot more reaction time with your trade. Also read more about the Forex news you will also get notifacation that the USD currency pair is going to weaken.
