Monday, September 18, 2006
Learn Online Forex Trading - My trade on GBP/USD..is it right?
Learn Online Forex Trading - My trade on GBP/USD..Is it correct?
GBP/USD is one of the very volatile online forex trading trading pairs and eventually with a good momentum. It is the most traded currency pair and moves the most on a trading day.
The GBP made a double top on 3-Sep-06 in a daily chart and since then start retracing.
Now, lets look at the 1 hour chart and see the conditions -
1. The currency pair made a double top on 3-Sep-06 at 1.9100 as mentioned by blue circle.
2. The pair then retraced to 1.8600 till 10-Sep-06.
3. There on it started moving up and hit the 61.8 Fib level of 1.9100-1.8600 rally at 1.8900.
4. It started retracing and crossed below the 200 EMA (Red color line).
5. I placed the online forex trade at 1.8763 at the place marked in blue circle as the MACD were also pointing down and RSI was also below 50.
6. I placed the stop at 1.8837 above the recent top.
However, as you can my trade is very near to being stopped out. I am not sure what was incorrect with my trade.
Can you please give me your comments on the mistake I would have made in this online forex trading??
Thursday, September 07, 2006
Learn Online Forex Trading - Look at USD/CAD chart
Learn Online Forex Trading - Look at the USD/CAD chart..
Remember, in one of the previous posts I mentioned the importance of support and resistance levels in online forex trading. Once thelevels are breken, the currency pair speeds in that direction.
Look at the USD/CAD 1 hr chart..It is range bound for quite a while..No indications that it will start trending in the world of online forex trading..Now why is that??
Look at the USD/CAD forex trading monthly chart ...I have attached it for reference..You will see that the currency pair is at crucial support...This low level was touched in 1992..
If this level is broken...then we all know what will happen...There will be no stopping...
However since I do not trade on monthly charts, I'll just use this while doing online forex trading on 1 hr or 5 min. chart.
Thats all in this message..Keep visiting to learn more on online forex trading..
Meanwhile did anyone trade the nfp ( Non Farm Payroll) this month?? I felt that the market did nt move that much this month when nfp details were declared..
Visit again to learn more on online forex trading
