Good Evening / Morning Dynamic Traders
"Better to have tried and failed, than not tried at all"
Cross = NZD: Day Chart (Posted Below)
My apologies to those who have been following my blog and have been greeted with my absence over the last week.
I was asked a question of how many crosses I follow and the answer is approx 30.
How do you keep track of that many ?
Well when I first started I would only follow the main players which is around 6 and I learnt my charting, divergence, indicators, Fib levels and strategies on these. When I got to a consistent level on these I added more crosses to the basket.
Once you know the basics you can apply it to any charts, as they all offer opportunities.
What is important is that you do things consistent.
How do you drill down to what you are trading or looking at ?
Lets choose the NZD.
The MONTHLY chart shows the cross was in an up trend since September 2001 and we had a breakdown of that trend in August 2008. Since then we have moved below the VI, finding support at the major RN 0.5000 and bouncing back up to its current level of a FIB breather level and resistance of the previous high.
The WEEKLY chart shows us price is currently at RN 0.6500 and the VI and the resistance from the previous high. Stochastics and Elliot wave would point to a reversal and a couple of the current candles have been doji.
The DAILY chart starts to look in more detail of our current position. We have a trading channel, of which price has bounced between since February 2009 to date. We have a resistance line drawn from a previous high passing through a recent high. Price has been surrounded by these lines, leaving it ready to break out in one direction or another. Stochastics are OB.
Price has given us a double top on the resistance line.
Is a return to the down trend on the cards ???
Look at the 60min chart and what do you see ????
What do you NOT see ???
Courtesy of Advanced Get / E Signal
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