Sunday, May 31, 2009
May has been quite profitable. And i m glad Diversity won Britain Got Talent, really an Awesome dance act.
Euro has created another high again for the year. There is a steady lower trendline in the H1 chart. Congestion Area is at 1.4050 - 1.3956. I will be looking for bounces at 1.4050/1.4023/1.3980.
Support for Euro:
1.4182 (50% Fib)
Friday, May 29, 2009
Tuesday, May 26, 2009
Sunday, May 24, 2009
Tuesday, May 19, 2009
This is far from your normal clean reversal pattern. You’ve got four indecision candles and the last one actually makes a new low. A lot of newbie traders would look at this and not be sure what to do.
However, it is quite simple. Despite the messiness of these candles all we are seeing here is a period of indecision. The bulls and the bears are fighting it out, sometimes the bulls win sometimes the bears, but all their victories are short lived.
What we do know, for certain, is up until five candles ago the bears were in complete control of the market. However, for the past four candles, the bulls have been fighting back. It makes sense that we would see a reversal here.
Sunday, May 17, 2009
Wednesday, May 13, 2009
Saturday, May 9, 2009
Weekly Pivots are important areas where price tend to find support and resistance.
For me important S/R areas are:
1. Daily Open GMT0000
2. Weekly Pivots
3. Round Numbers
4. Daily Pivots
5. H1 and H4 Swing High / Swing Low
6. Previous Day High Low