bforex
Junior member
- Messages
- 16
- Likes
- 0
EURUSD:
The EUR continues to trade the range against the Greenback with 1.38 acting as EUR Resistance while 1.3450 is holding EUR Support. As a trader you may prefer a time frame that you feel most comfortable trading on or basing your final trade decisions on. Never the less, experienced traders know the benefit of checking multiple time frames before trading. If you look at the EUR across multiple time frames you will see a clear Step pattern present itself. A pattern is reinforced when appearing on multiple time frame and is usually easier to trade. The Step pattern is most clearly seen on a 1 hour chart as shown below. A Step pattern is a series of lower highs and lower lows (or vice versa). It confirms a trend and allows traders to more easily pick their entries, exits, and stops. This pattern is present on various time frames.
USDCAD:
The CAD is heading for Dollar Parity which we pointed out in our last piece is a point of strong Resistance. We also noted that should the CAD break parity with the Greenback that .9914 could be its next target based off of the 23.6% Fibonacci Extension level. For those that trade Support and Resistance take note of price action the past 2 times we have been around these handles. Price hightails it back to support near 1.07 within a week and a half. Note the “V” shape retraces on the daily chart below. It is a good demonstration of price velocity.
GBPUSD:
The Pound has been attempting to retrace its losses versus the Dollar since reaching an intraday low at 1.4784 on March 1st. Using that low and the Pound's previous high in August of 2009, the 23.6% Retrace level also forms recent GBP Resistance as well. The Pound hit trend line Resistance as well as the Retrace level and fell through trend line support. A further fall through Support at 1.4975 and the GBP may test the 1.48 handle.
trading forex is risky
The EUR continues to trade the range against the Greenback with 1.38 acting as EUR Resistance while 1.3450 is holding EUR Support. As a trader you may prefer a time frame that you feel most comfortable trading on or basing your final trade decisions on. Never the less, experienced traders know the benefit of checking multiple time frames before trading. If you look at the EUR across multiple time frames you will see a clear Step pattern present itself. A pattern is reinforced when appearing on multiple time frame and is usually easier to trade. The Step pattern is most clearly seen on a 1 hour chart as shown below. A Step pattern is a series of lower highs and lower lows (or vice versa). It confirms a trend and allows traders to more easily pick their entries, exits, and stops. This pattern is present on various time frames.
USDCAD:
The CAD is heading for Dollar Parity which we pointed out in our last piece is a point of strong Resistance. We also noted that should the CAD break parity with the Greenback that .9914 could be its next target based off of the 23.6% Fibonacci Extension level. For those that trade Support and Resistance take note of price action the past 2 times we have been around these handles. Price hightails it back to support near 1.07 within a week and a half. Note the “V” shape retraces on the daily chart below. It is a good demonstration of price velocity.
GBPUSD:
The Pound has been attempting to retrace its losses versus the Dollar since reaching an intraday low at 1.4784 on March 1st. Using that low and the Pound's previous high in August of 2009, the 23.6% Retrace level also forms recent GBP Resistance as well. The Pound hit trend line Resistance as well as the Retrace level and fell through trend line support. A further fall through Support at 1.4975 and the GBP may test the 1.48 handle.
trading forex is risky
Last edited by a moderator:
