EUR/USD Long Opportunity 29 Oct 2009
Below are trades and comments from members at FibMaster’s Trading Forum.<<-Click to join
Originally posted by “PM”; Thu Oct 29, 2009 1:22 pm
Click image to enlarge
Hi
I am Looking at the EURUSD Daily Chart. The pair has just bounced off a strong support level (Trend Line Support and SK Level Support) Now it appears that the pair may continue the Up Trend. Is this a good time to go long on this pair
Regards
Philip
Originally posted by “Kim”; Thu Oct 29, 2009 4:29 pm
Click image to enlarge
Hi,
The SK Support @1.4715ish is definitely hold and now the price has gone up to the 4hrly resistance level @1.4830 (see 4hrly chart). A decisive break above this level will be a good LONG entry towards the last swing high @1.5070. You may have to go down to 15min chart to see the HL HH above the SK resistance to find LONG entry point as now is Asia session, the price tends to be slow with low volatility.
Regards,
Kim
Originally posted by “FibMaster”; Fri Oct 30, 2009 4:51 am
Click imageto enlarge
Further to Kim’s post, EURUSD is trapped on a lower time-frame between 1.48 and 1.4860
Short rallies below, buy dips above imo. Scalpers will be trading that range as long as it holds.
15 minute chart attached.
Originally posted by “FibMaster”; Mon Nov 09, 2009 4:25 pm
Click image to enlarge
Entry would have been on an SK Fibonacci resistance, 5 minute chart, though you’d have to be comfortable with quick trades in those lower time-frames.
I know many traders in this forum are not short-term scalpers. These techniques are applicable to all trading time-frames, so the concepts are the same, this example is worthwhile.
