Sunday, April 15, 2007
The week opens and so do the forex trader's trading station
The new trading week opens and so do the forex trader's trading station.
Today is sunday and the Australian and JPY market are open and I am alreading seeing a lot activity by the currenc traders. Typically this time of the day the volatility is very less. Today its a bit high.
The currency pair that is interesting me more is the GBP/USD. The currency pair is already making adouble top. To confirm the bearish tendency, the MACD is making a negative divergence. This is making me think to go USD bullish. So, I have gone short on GBP/USD.
I thought od using RSI or Stochastic to confirm my trade, however that would have made the trade bit more complicated.
Remember MACD convergence and divergence are very powerful technical analysis indicators for any sort of trading such as stock or forex. Day trading or swing trading.
I'll keep you posted on my progress on this trade..So far I am -15 pips.. Yes currently its in -ve.
Today is sunday and the Australian and JPY market are open and I am alreading seeing a lot activity by the currenc traders. Typically this time of the day the volatility is very less. Today its a bit high.
The currency pair that is interesting me more is the GBP/USD. The currency pair is already making adouble top. To confirm the bearish tendency, the MACD is making a negative divergence. This is making me think to go USD bullish. So, I have gone short on GBP/USD.
I thought od using RSI or Stochastic to confirm my trade, however that would have made the trade bit more complicated.
Remember MACD convergence and divergence are very powerful technical analysis indicators for any sort of trading such as stock or forex. Day trading or swing trading.
I'll keep you posted on my progress on this trade..So far I am -15 pips.. Yes currently its in -ve.
Labels: forex day trading, forex pips, forex traders, GBP/USD, MACD
