[akforex]

ASIAN SESSION 08/10/2007

A) CALENDAR

-JAPAN - Holiday- Sports Day

-GMT 06:00 EU Trichet Speaks at Brussels Think Tank

B) SUPPORT-RESISTANCE
EURO/USD USD/JPY GBP/USD
R3 1.4230 117.55 2.0490
R2 1.4180 117.30 2.0470
R1 1.4155 117.05 2.0440
S1 1.4125 116.80 2.0385
S2 1.4105 115.60 2.0370
S3 1.4055 115.40 2.0330

C) WATCH
-Interest Rates


D) TRADING TIPS
Flags and Pennants
The more important points of both patterns:
1) They are both preceded by an almost straight line move (called flagpole) on heavy <>.
2) Both patterns occur at about the midpoint of the new market move.
3) The pennant resembles a small horizontal symmetrical triangle.
4) The flag resembles a small parallelogram that slopes against the prevailing trend.
5) Both patterns take less time to develop in downtrends.