Tuesday, June 20, 2006
Learn Online Forex Trading - Why do I feel good?
Learn online Forex Trading - Why do "I feel good"?
Because another forex trade of mine went right..:-)..If you read the end of my last post, I guessed that USD/CHF will hit 1.2410 and make a double top..
Well it didn't exactly 1.2410. It went till 1.2430 and then is now bouncing from 38.2% fib level on the daily charts. So, in the online forex trading this is a very exciting time. If the 38.2 fib holds true, I can see the pair hit atleast 1.2000. So its like double bottom.
Now the next thing is to identify a good entry point on the hourly chart or the 5 min chart depending on your forex trading type.
If you look at the hourly chart at the type of this message, the indicators are pointing to go short.. -
1. The MACD indicator is showing divergance as in the currency pair is making a double top, but MACD is not.
2. Currency made a double top.
3. RSI is below 50.
So, for me the ideal online forex trade will be to -
Enter the trade at 1.2390 and
Place stop at 1.2420
Place the target at 1.2270
So, with 30 pips to 120 is a great risk reward ratio of 1:4
So, In fact I have entered the online forex trade at 1.2390.
I'll post my results tomorrow..:-)
So, keep visiting to learn more about online forex trading.
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Hi there your blog is really cool and informative site.
I shall be coming back to this and recommending it on my blog http://forextradingonline246.blogspot.com
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I shall be coming back to this and recommending it on my blog http://forextradingonline246.blogspot.com
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