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.
GBPUSD Weekly Pivot Trade
Posted on Tuesday, January 19th, 2010 at 3:59 pm.
In today forex market GBPUSD has broken upward too the first Weekly resistance level and based on the candle stick formations price is going to intend to work it’s way back to the Weekly pivot point which is the price of 1.6249. The reason why i think it will go to that price is that it has a 80% chance of going back to that price and it hasn’t touched it this week and looking at the 4hr chart you can see price is showing a reversal. This is a good short oppurtunity because looking at the fundamental side of things you can see the Pound ecomony is weaking. So if price closes 1.6331 i’ll look to go short to the Weekly Pivot Point. If price closes above 1.6415 then i will go long and trade to the next resistance level or the 4th fib level on the day chart.
