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Technical Analysis
EUR/USD Simple Analysis on Daily Chart using basic tools
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[QUOTE="James Alejandro, post: 23908, member: 13418"] [b]UR/USD Simple Analysis on Daily Chart using basic tools[/b] See how a simple technical analysis by using moving average, trendline and reading candlestick chart can really help you to strategist your trade. All this is done without the need of using MACD, ADX, Parabolic SAR, Bollinger Bands and etc... In my earlier post I have said: a) It has made Higher Low. b) Breaking Through 1.33990. c) A Good Run of 100 to 200 Pips. I will re-cap over here again that on my earlier post, I have mention that [I]"If it can make a 3rd higher low and break through 1.33990 without false breaking, we should see a very good run of at least 100 to 200 pips on the upside."[/I] And [B][COLOR="Blue"]YES[/COLOR][/B] I have said it [B][COLOR="Blue"]RIGHT AGAIN[/COLOR][/B]. It has [COLOR="Blue"][B]MOVED 130 PIPS[/B][/COLOR] from 1.33990 before retracing back. 1) In forex trade there are many false break, and most of the time the first break-out is always a false one. Take this good example, it first breakout on the upside moving about 70 pips, and then break-out downside and moved around 30 pips. if you are not familiar with false break-out you might have enter upside and cut loss, enter again on downside and cut loss again. After suffering two loses of maybe around 80 to 100 pips, you might decide not to enter because you think market is going against you. But the fact is false break-out is very common in forex trade and you always have to be vigilant in identifying them. 2) After the 2 false break-out, see how the candlestick has move significantly. I have now already enter my trade to long and waiting to hit my target price. News dated 30 Nov 2011 has reported that EU are given 10 days which they call it the 'critical period' to resolve their debt crisis. This is a very important period and you should watch closely if you have an open position, volatility will be strong during this period and post period after the 10 days. [/QUOTE]
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