Monday, October 29, 2007
Forex Day Trading System - Where will the anti USD rally End?
Forex Day Trading System - Where will the anti USD rally End?
USD is taking some serious pounding from all the majors where EUR, GBP, JPY and CHF are prominent.
Though this is good for export and helps to get more foreign exchange, in a way it will keep inflation high.
Now, the biggest question that comes is how can you take advantage of this rally? To make some gains in this rally, what you have to do is trade only in the direction of trend which means don't open the currency trade that is bullish on USD.
This effectively means that buy only when the currency pairs are retracing. So, when EUR/USD is retracing and hits a pivot point, then open the trade on confirmation. The pivot point can be a major support resistance level such as 38.2/50/61.8 fibonacci level, a major support line, 200 EMA, double bottom pint etc.
Currently it just looks USD bearish. So use your forex system and enter the trade..:-)
Thats all in this short message..Keep visiting to learn more on online forex trading.
USD is taking some serious pounding from all the majors where EUR, GBP, JPY and CHF are prominent.
Though this is good for export and helps to get more foreign exchange, in a way it will keep inflation high.
Now, the biggest question that comes is how can you take advantage of this rally? To make some gains in this rally, what you have to do is trade only in the direction of trend which means don't open the currency trade that is bullish on USD.
This effectively means that buy only when the currency pairs are retracing. So, when EUR/USD is retracing and hits a pivot point, then open the trade on confirmation. The pivot point can be a major support resistance level such as 38.2/50/61.8 fibonacci level, a major support line, 200 EMA, double bottom pint etc.
Currently it just looks USD bearish. So use your forex system and enter the trade..:-)
Thats all in this short message..Keep visiting to learn more on online forex trading.
Labels: EUR/USD, forex day trading, GBP/USD, pivot points, support and resistance
