Sunday, July 27, 2008
Saturday, July 26, 2008
Wednesday, July 23, 2008
Tuesday, July 22, 2008
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.
Sunday, July 20, 2008
Wednesday, July 16, 2008
Tuesday, July 15, 2008
Two more forex trades
I am very much interested in forex at the moment, it fits very well with my daily schedule. I found that technical analysis is almost same but fundamental is very different than stock market. I am trying to focus on both side when I see a potential trade .Any one have more inside on forex trading please don’t hesitate to leave it in the commentSaturday, July 12, 2008
Friday, July 11, 2008
Wednesday, July 9, 2008
Fibonacci+Fan analysis
You can see that when prices encountered the top Fan line , they were unable to penetrate the line for several days. When price did penetrate this line,they dropped quickly to the bottom fan line before finding the support again.
Also know that prices bounced off the bottom line .They rose freely to the top line,where they again met resistance, fell to the middle line and rebounce.
According to the free dictionary:
Fibonacci fans are created by first drawing a trendline through two points (usually the high and low in a given period), and then by dividing the vertical distance between the two points by the key Fibonacci ratios of 38.2%, 50% and 61.8%. The result of these divisions each represent a point within the vertical distance. The three 'fan' lines are then created by drawing a line from the leftmost point to each of the three representing a Fibonacci ratio.
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