Eur/GBP - Nubie Questions

[Akhor]

Hey Guys,

THis is my first post, and I'm hoping it's in the right area of the site... If it's incorrect them please let me know and I will post it to another area.

Anyhow, I'm fairly new the the FOREX and have been doing quite a bit of research, as I've taken the FXCM course and am reading "10 Essentials of Forex trading", and lets not forget the baby pips school..

ANyhow, I'm having some difficulty with technical analysis and wanted to run my trade ideas by you.

I've attached a chart of the EUR/GBP displaying the support and resistance lines that I've drawn in. I feel like they are correct.. But who knows.

ANyway using just candlesticks, it looks like this thing is is ready to be sold with a "star" (hammer?) at the end.

HOwever using the stochastics, it's not quite ready to turn around.. SO maybe it's not time to enter the market yet.

What do you think?

ALso, has anyone read "10 Essentials of Forex trading", in chapter 3 they talk about a charting package MTI 4.0 and using the technical indicator "MTI Trend TRacker". If your not using this charting package, does anyone know what these indicators are?

Thanks,
Akhor

[daedalus]

Based off that chart I would wait and see what happens at that upper trend line you've established...

Its posting higher highs and lower lows, so you would expect that the most probable thing to occur would be for it to push up and make yet another higher high into your upper trend line before failing.

Just my .02 based on that one chart looking at the patterns...

Cheers!