When looking at charts I follow a few rules that help my style of Forex trading:
1: Look at the weekly chart FIRST!!! Then look at the Daily Charts!!! Then Look at the 4 hour chart!!! Then look at the 1 hour chart!!! ONLY THEN May YOU look at a shorter candle chart of 30mins to 5 mins just to help you time an entry. ALWAYS!!!
2: Draw lines on it! You've read enough by now about Fibonacci, you can see it by drawing lines on it start out with a horizontal line at the bottom of the candles and one at the top - Then look for area's that seem to average themselves.
3: Know the PRICE! In any pair you trade you should know price like the back of your right hand (ok left one too)
4: Draw two lines in the direction of the trend at the top and bottom of the price movements.
5: Never get emotional! EVER!
Forex Trading Signals
- EUR/CAD - Buy @ 1.58 zone
- EUR/JPY - Sell @ 130 level - Buy @ 120 or lower
- AUD/USD - Buy @ 63 Zone - Sell @ 70 Zone
- USD/CAD Buy @ 1.20 Zone - Sell @ 1.30 Zone
- EUR/CHF - Buy At 1.46 to 1.48 zone
- USD/CHF Sell @ 1.18 to 1.20 zone
- GBP/USD - Sell @ 1.50 zone - Buy @ 1.34 zone
- GBP/JPY - Sell @ 140 zone
- EUR/USD - Buy @ 1.24-1.26 zone
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Tuesday, December 16, 2008
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