Forexwatchman
Sergeant
- Messages
- 198
This week has been an unbelievably easy week to trade a ranging market. You simply wait for price action to come to you! The reason for the range is the lack of any strong economic data from the U.S. or the Euro zone to push this currency pair lower or higher, nothing but rumors and guessing going on, so it just stalls and fluctuates. I've attached another graphic to show how my support and resistance lines were perfect predictors for where to enter the market for low risk/high reward trade.
My bottom support line was carried over from the previous week's resistance line that became support for this week, and my resistance line for this week came from Monday's high. By studying up on my section regarding support/resistance lines you can grasp this simple indicator and use it to make money Forex-Nation.com. Also, and I'm getting more advanced here, my resistance line also matches up with the weekly R1 and the 61.8 fib level on the 4hr chart. This makes it a stronger resistance line and thus a safer trade.
My bottom support line was carried over from the previous week's resistance line that became support for this week, and my resistance line for this week came from Monday's high. By studying up on my section regarding support/resistance lines you can grasp this simple indicator and use it to make money Forex-Nation.com. Also, and I'm getting more advanced here, my resistance line also matches up with the weekly R1 and the 61.8 fib level on the 4hr chart. This makes it a stronger resistance line and thus a safer trade.