Tuesday, July 10, 2007
Forex Day trading - Breakout in all major currency pairs
Forex Day Trading - Breakout in all major currency pairs
Today the major pairs such as EUR/USD, GBP/USD and others broke out from a long range trading. Its more like the currency pair rested for a while to gain strength and get going. The stochastic and RSI were showing overbought. So why did these forex pairs move up?
Thats because the technical pairs only indicates probability. One should not enter the trade till the time other indicators known as confirming indicators align. I use the candlesticks as the confirming indicator..
The confirming indicators are always very important when the forex day trades or 1 hr trades are to be placed. The most popular are candlestick and MACD.
Today the major pairs such as EUR/USD, GBP/USD and others broke out from a long range trading. Its more like the currency pair rested for a while to gain strength and get going. The stochastic and RSI were showing overbought. So why did these forex pairs move up?
Thats because the technical pairs only indicates probability. One should not enter the trade till the time other indicators known as confirming indicators align. I use the candlesticks as the confirming indicator..
The confirming indicators are always very important when the forex day trades or 1 hr trades are to be placed. The most popular are candlestick and MACD.
Labels: eur/usd, MACD, oversold RSI, range trading, stochastic, technical indicators
