EUR/USD Beginner Level trading
On the 5 minute chart i notice a big green candle with almost no upper & lower wicks so i mark it with another yellow horizontal line which i expect to act as resistance.
So far I have drawn 3 horizontal lines: 2 on the 1 hour timeframe & 1 on the 5 minute timeframe
Price has broken through the resistance line so I enter the market with a long position. I have bought EUR/USD expecting that the price will keep going upwards
Price has broken through the resistance line so I enter the market with a long position. I have bought EUR/USD expecting that the price will keep going upwards
I use the Fibonacci Retracement Tool/Indicator and you can see it has drawn many black lines on the chart
If price begins to fall, i expect it to reverse & bounce back up at the 38.2 or 61.8 Fibonacci line, and if it doesn't then it could mean a downtrend is starting
I use the Fibonacci Retracement Tool/Indicator and you can see it has drawn many black lines on the chart
If price begins to fall, i expect it to reverse & bounce back up at the 38.2 or 61.8 Fibonacci line, and if it doesn't then it could mean a downtrend is starting
Nice upward movement this is a good time to buy if you havent done so
Nice upward movement this is a good time to buy if you havent done so
Price is retracing or falling and I am watching the Fibonacci retracement levels. I expect it to bounce back and start moving upwards around the 38 and 61 Fibonacci levels
Price is retracing or falling and I am watching the Fibonacci retracement levels. I expect it to bounce back and start moving upwards around the 38 and 61 Fibonacci levels
As predicted, price has reversed at the 61.8 Fibonacci Level & started going upwards. Good time to buy
As predicted, price has reversed at the 61.8 Fibonacci Level & started going upwards. Good time to buy
More upward movement & the Fibonacci Golden Levels Levels between 38 and 61 are holding well as price keeps reversing up around these Fibonacci levels
Good time to buy
More upward movement & the Fibonacci Golden Levels Levels between 38 and 61 are holding well as price keeps reversing up around these Fibonacci levels
Good time to buy
More upward movement
Good time to buy but loo out for signs of a trend reversal
More upward movement
Good time to buy but loo out for signs of a trend reversal
I'm closing my trades and may be back later.
Good bye
Good morning guys
Today we start by taking a bird's-eye view of the market using the 1 Hour Timeframe
You can see where we are today on the chart. The blue box indicates the day started with the Asian session from 12am till 7 am
Good morning guys
Today we start by taking a bird's-eye view of the market using the 1 Hour Timeframe
You can see where we are today on the chart. The blue box indicates the day started with the Asian session from 12am till 7 am
Next step is we draw our yellow support line (on the 1 Hour chart) at an area of value. In this case the area of value is the lowest price reached during the Asian session
Next step is we draw our yellow support line (on the 1 Hour chart) at an area of value. In this case the area of value is the lowest price reached during the Asian session
I spot a Doji candlestick pattern (it looks like a cross) in the uptrend which signifies indecision meaning buyers and sellers are at a stalemate.
The Doji is also followed by red candles so i open a short trade by clicking on the sell button
I spot a Doji candlestick pattern (it looks like a cross) in the uptrend which signifies indecision meaning buyers and sellers are at a stalemate.
The Doji is also followed by red candles so i open a short trade by clicking on the sell button
DOJI PATTERN has been circled
DOJI PATTERN has been circled
Now that ive opened a short trade i switch to the 5 minute timeframe to monitor the trade
Now that ive opened a short trade i switch to the 5 minute timeframe to monitor the trade
On the 5 Minute timeframe, I spot a red candle with no wicks which is interesting to me so I will go ahead and draw a line to mark it.
This line could potentially act as support or resistance to price movement
On the 5 Minute timeframe, I spot a red candle with no wicks which is interesting to me so I will go ahead and draw a line to mark it.
This line could potentially act as support or resistance to price movement
A resistance line has been drawn to mark the red candle with no wicks
I expect price to go up and test this line
A resistance line has been drawn to mark the red candle with no wicks
I expect price to go up and test this line
How's my short trade doing? Lets see.....
How's my short trade doing? Lets see.....
Not doing so good I will close the trade and cut my losses
Not doing so good I will close the trade and cut my losses
I Open a New Long Trade
I see price is going up to test the resistance line so i quickly buy and hope price rises
I Open a New Long Trade
I see price is going up to test the resistance line so i quickly buy and hope price rises
TWO THINGS COULD HAPPEN
1 - Price bounces and reverses at the resistance line
2 - Price breaks through the resistance line and keeps going up
TWO THINGS COULD HAPPEN
1 - Price bounces and reverses at the resistance line
2 - Price breaks through the resistance line and keeps going up
Peice is moving upwards nicely lets see what happens
