February 24, 2009 05:18

Forex Signal – EUR/USD Still Buying

By:

2-24-09

5:26a GMT – Yesterday reminded us of the importance of confirming trades with candlestick signals! No trade was entered because no bullish reversal signal was given on any timeframe than 1 hour or greater. In times of market uncertainty it is more important than ever to confirm trades with a reliable indicator such as candlesticks. And, as always, good money management is a must, because then a few losses aren’t a bad thing: they are planned and accounted for :). For more info and trading tips click “forex training” on the left.

Alright, enough of that! Yesterday we saw the dollar make significant gains back against the Euro. I am still looking for buying opportunities however in this mixed market I know traders are making good pips off short positions as well. I will stick with my strategy of buying dips for the time being as key resistance was broken at the end of last week.

Trading Idea: buying near support, with closest support between 1.2630 and 1.2600. Longs preferred in this zone preferred back up to 1.2700, 1.2815 and 1.2900. Candlestick signals to confirm the trade are essential in this market.

(click to enlarge)
 

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1 Comment on "Forex Signal – EUR/USD Still Buying"
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    Comment left on:
    February 24, 2009 at 07:59
    Bidar says:

    people like u are uncommon, u’re doing a great work. It works. Keep it up.

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