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By the way, just to make clear, this is yesterday’s, yesterday’s close, that’s why C there. And YH is yesterday’s high. So those are more types of day trading support and resistance. Again very commonly used ones, pretty much everybody’s looking at yesterday’s high and low. Yesterday’s low by the way was way down here. I am going to have to squish up my scaling. There is yesterday’s low, alright.

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If you look at the previous day, let’s bring that up. There’s the previous day, well there’s the central pivot or pivot point, and yesterday’s close they came in almost exactly at the same place. So that’s just during neutral line. There’s yesterday’s low, there’s yesterday’s high.

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one more thing, let 8767 s say my strategy is a simple strategy which you have provided in your website.. so how do i integrate it with my strategy?

My rule for that is, as long as the bars are touching it, it 8767 s still providing a support. And the reason you have to consider it these zone where the bars are at least touching it, and not just the line is because the movement of markets is not that neat and tidy.

In this case, the market does go up a little bit, goes back up to 55 MA which is the red line. But that’s not really a major big trade. What happens after that is the market comes down and makes a much lower low. And again RSI gets supposedly oversold. So the point is this, what you’d rather do, so I will get into little bit of what you want to do, you want to do the exact opposite of that. You don’t want to be just buying oversold signals all the time. You want to take those as bearish, and trade in the dominant energy, or the dominant direction of the market.

At this place we get a big move up, so some people might say, oh look see it started a new move. Not really. Because often with these exhaustion patterns like this with big volume, they don’t always go back up, sometimes they’ll just consolidate for a while. I’ve studied many of these charts over and over and over.

This is Doctor Barry Burns with Top Dog Trading, and you know I’ve had a lot of people who recently have asked me why I don’t talk more about volume when analyzing stock market charts. And so I am going to share that with you today. I do use volume in my analysis but perhaps not as much as other people. And I 8767 m going to give you the exact reason why, right now.

Predict the future by understanding the past. Our backtesting and scanning tools empower you to gauge the effectiveness of your trading strategies before putting your money on the line.

Stand by what you wrote except for the 8775 should 8776 because it 8767 s a pretty good thought!. The buying pressure clearly did not exist and there were clues pointing to that.

if we look at this, by the way some people might say, well wait a minute this support level didn’t hold because the market made a lower low below it. okay, so that is not quite accurate to say that, and the reason is support resistance, even though they look like lines, and well they are drawn as lines on our charts, in reality the way the markets move, support resistance, they are not lines, they are zones.

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