Monday, July 21, 2008

One more forex trade

Today market was in a bullish mood, I watching GBP/JPY in 4 hours chart, but there wasn’t any trade in that particular time frame so decided to move to smaller time frame, 1 hour chart was looking good. I knew that the pair can find support @ 212.34 areas as you can see in the chart I marked it red. As soon as the pair approached the support level it formed a nice hammer .After that I didn’t need any other confirmation that the pair is reversing.

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