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Technical Analysis
EUR/USD Simple Analysis on Daily Chart using basic tools
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[QUOTE="James Alejandro, post: 23600, member: 13418"] I have traded this currency pair for quite sometime, and my current winning ratio for EUR/USD has been very constant. Except for USD/JPY I do not trade on any other currency pair. It is very important to stay focus. Therefore, I would only want to know news about US, Europe & Japan, to give me an overview about the economic so that I can apply some fundamental analysis from there. Among all the currencies pair EUR/USD is so far the most traded and popular pair, that is why I am choosing only EUR/USD to do my analysis and sharing with you how I analysis and make money from this pair. Please read the below [B]DISCLAIMERS[/B] before you continue. [B][I]The information provided here is of the nature of a general comment only and neither purports nor intends to be, specific trading advice. It has been prepared without regard to any particular person’s investment objectives, financial situation and particular needs. Information should not be considered as an offer or enticement to buy, sell or trade. The risk of loss in trading can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition.[/I][/B] [B][LEFT][U]EUR/USD Technical Analysis[/U][/LEFT][/B] 1) Starting of 4 May 2011 EUR/USD has started to turn bearish and trend down ward. The downward price movement continue until somewhere mid of July. 2) And after slightly more than a month of consolidation, an increase movement of downward pressure sends the price down even further. With the blue moving average cutting through the rest of the longer period moving averages, it gives me an understanding of how strong this trend movement was. 3) It went through my solid red down trend line and support line, and makes a reverse price movement up and now we can all see that it has made a false break-down and almost touches the 3rd point in my upper down trend line. 4) The thick blue dotted line was the major up trend line broken on the 3rd point of contact, you will be able to draw this line if you zoom out to weekly time frame chart. So the blue dotted line which before was the support trend line has turn to become a resistance line. As you can see it touches nicely and started to trend down ward. 5) Support and resistance line was drawn at this point because it touches most of the previous peak and trough and it was also the point where strong reversal takes place. 6) As to date it is current consolidating at this point, due to support line and down trend line is very close together. Volatility may increase sharply within this week. [IMG]http://i569.photobucket.com/albums/ss133/james2002ysf/Chart_EUR_USD_Daily_snapshot21112011.png[/IMG] Click the below thumbnail to view my trade for this period I have done [URL=http://s569.photobucket.com/albums/ss133/james2002ysf/?action=view¤t=TradingResult.png][IMG]http://i569.photobucket.com/albums/ss133/james2002ysf/th_TradingResult.png[/IMG][/URL] Total winning trade : 9/9 (100%) total winning pips : 636.1 Currently I do not hold any open position for EUR/USD. I would like to see how the candlestick is going to form first, and what is the news speculation on both Europe & US. I shall continue to update my trades in this threads. If you like what I am doing. [/QUOTE]
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