My strategy of forex trading is quite simple. I refer heavily to candlesticks, chart pattern and technical indicator.
Technical indicators that I am refering to are
1) Moving Average 200, 100, 50 and 5
2.) Bollinger band 20,2,0
3.) ATR
EURUSD Weekly Analysis 26122010
By BC,
Weekly Chart : EURUSD is currently below 100MA, 20MA and 5MA which is weak. A doji appeared last two weeks ago show that market is trying to rebound but Shaven head this week confirmed the rebound was failed. I am expecting the market continue to falls this week.
EURUSD Weekly Chart
Daily Chart : Daily chart ended higher than thursday and slightly above 5MA suggesting it might start to rebound. Because of weekly chart was in bearish mode, the rebound should be capped by 100MA. For Monday, it should be close flat or slight higher than Friday, expecting low volatility as now is holiday session.
EURUSD Daily Chart
Hourly Chart: Bollinger band and chart shape started to squeeze and 100MA had been broken, suggesting a rebound might following after this. However currently this chart is still under 100MA, 20MA and 5MA which is still in bearish mode.
EURUSD Hourly Chart
Conclusion: Weekly chart is bearish, daily chart is flat and hourly chart is flat with opportunity of rebound . It suggested that market might rebound in the start of this week and continue with slides.
Technical indicators that I am refering to are
1) Moving Average 200, 100, 50 and 5
2.) Bollinger band 20,2,0
3.) ATR
EURUSD Weekly Analysis 26122010
By BC,
Weekly Chart : EURUSD is currently below 100MA, 20MA and 5MA which is weak. A doji appeared last two weeks ago show that market is trying to rebound but Shaven head this week confirmed the rebound was failed. I am expecting the market continue to falls this week.
EURUSD Weekly Chart
Daily Chart : Daily chart ended higher than thursday and slightly above 5MA suggesting it might start to rebound. Because of weekly chart was in bearish mode, the rebound should be capped by 100MA. For Monday, it should be close flat or slight higher than Friday, expecting low volatility as now is holiday session.
EURUSD Daily Chart
Hourly Chart: Bollinger band and chart shape started to squeeze and 100MA had been broken, suggesting a rebound might following after this. However currently this chart is still under 100MA, 20MA and 5MA which is still in bearish mode.
EURUSD Hourly Chart
Conclusion: Weekly chart is bearish, daily chart is flat and hourly chart is flat with opportunity of rebound . It suggested that market might rebound in the start of this week and continue with slides.
