Candlestick Patterns Forex
A review of Forex Trading – 04/05/1906
We've been lucky in recent weeks to inform you about our good trade nights, well today we will talk a bad one. Personally, he was arrested outside the offices of my last night for a 80 pip loss.
While not pleasant, it is a fact of commerce that will have losing trades, it would be absurd to believe that only have good operations and lose ever.
Speaking last night among ourselves we realized several of our traders that the investment patterns were all over cable last night, and we must look beyond the newsletter I wrote last night to see how they did it.
Personally I hope very much on various levels of support and resistance for my trading style, and in doing so is easy to look over what many believe the best indicator available, Candlestick patterns. Here is what I wrote last night;
For those of you who are fans of candlestick patterns, which had a double bottom is perfect both in 4 hours and 1 hour charts yesterday, right before the peak, I hope Say you saw it and were able to get in a long position. Between 100 and 150 pips could have been in motion. The double bottom was formed in the first few hours of the market London, those of you who actively trade the markets in London were the beneficiaries of a classic pattern that worked perfectly. I missed the contrary this as I was studying the back of my eyelids and the letters at 3:00 am EST.
How silly of me that was to rule out investment in birds 100 pip move. The pattern we have been since February has been a trading range between 1.7600 and 1.7230. That first step that left us 1.7400, a total of 200 pips set top of our range, which incidentally is exactly where we are now.
Tonight we are trading around 1.7595 our first area of resistance is in the range 1.7600, and a second region around 1.7660. To expect support around 1.7540.
While it is obvious after the last two days we are in a short period of up trend from 1.7600 have super strength to break. Since February we have broken up only once to 1.7624, which is detected peak immediately comes back. Cable has proven to 1.7600 at least half a dozen times and held, so that one type of support and resistance I believe we are leaving with the rank established contribution.
As you all know only time will tell, but having a good forex trading education will make it much easier for you to predict the future movement and make operations successful.
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