Wanted to share this:
“As the EUR/USD broke through strong support once again, we need to back out all the way to a monthly chart to take a look at where this might go next. The answer: the EUR/USD has more room to fall with the next major support at 1.4000 at the intersection of the 50% Fibonacci level (from the July 2005-March 2008 rise), the monthly trend support and a large round number.”
Source: piphut.com
this downside trend is just a correction dip in my opinion
From Piphut:
"10-10-08
3:26a GMT - EUR/USD has had three consecutive days of higher highs and lower lows, but this appears to be a consolidation pattern on the daily and 4h charts as traders look to take profit on their shorts. Pair is moving much more slowly in the upward direction however, while the mid-term trend remains down. Pair has come off oversold levels leaving more room for losses.
Trading Idea: Nearest resistance is at 1.3695 and then 1.3790. Look for bearish reversal signs near these levels with short targets preferred down to 1.3615, 1.3555, and eventually back down 1.3440."
Hello room, I am wale, I am new in the forum,but i will be happy if anyone could pls give me a good strategy that would at least give 70% winnin and maybe 30%lost. God Bless you as you respond…
Well my friend, let me tell you that the good strategy is the one you develop on your own, I would be more than glad to share mine however I can assure you it will not work for you as good as it works for me, it will probably give you an idea and would help you to develop a trading style. What I could recommend is for you to get one of those Scalping EA�s that can guarantee some small profits while you get your own strategy.
Hello friend…
thank you for responding to my msg, i know i need to develop my own strategy indicator…which i have been workin on…in the mean time i trade with the ones i have and i still loose, i would appreciate it if u could give me the one u use and explain in details so that i can at least make some profit while developing mine…
God Bles u
You are quite welcome. Although it is necessary for you to develop a trading style I recommend you play with a demo platform for a while (tradeview, alpari), I would not recommend any EA�s or any indicators, because for me is a non-sense right now, I mean with the world wide crisis and the volatility on the markets it is better if you focus on getting what I call an �emotional guessing� for me it�s really important when you are analyzing a trade along with some fundamental research.
Correct play a demo first, til we get hands on is good recommendation. worth to do.
found this great site where I get weekly updates from a portfolio managers view, has a good hit rate on the market…
Veka`s blog - Black Scholes
Stay in the range of the pairs you trade, buy low sell high and if that’s not working shut down the pc and fill out a withdrawal request before it’s too late.
The pair is trading at 1.4329.
The good data from the US are renewing the optimism that the worst of the crisis is gone��.
Support line for GBP/USD is holding at 1.63384…
The cable maintains its downwards trend and is trading at 1.6151 dollars per pound. It should be highlighted that since the June 30th the pair is offering a downwards correction of 620 pips!!!1