Excercise No. 2

[George Gordon-Smith]

Hi Rich,

I’m finding my feet in Metatrader, but getting there slowly.

EUR/USD has been a strong sell all month and I think it continues to be so.

USD/GBP was a strong sell but it seems to have settled into an indecisive pattern. I would still sell it but would go for small gains. I might even just stay with the EUR/USD for the time being.

I’m very new to online trading but I’m enjoying your course. Thanks.

George

Attachments:

You must be logged in to view attached files.

[Rich Fitton]

Hi George,

Thanks for posting your exercise. Remember we’d look to the daily charts for MOR/Control (it really does help get a high level overview) and then we’d zoom in to the intraday stuff a bit later in the process. Would you like to post some daily charts and we’ll take a look together?

[George Gordon-Smith]

Hi Rich,

Looks as if you will be earning your course fees with me!

Herewith daily charts, which give a different impression.

Both currency pairs are a strong sell.

All the best,

George

Attachments:

You must be logged in to view attached files.

[Rich Fitton]

Hi George, good stuff 🙂

Taking MOR and control together as a concept puts EURUSD as a strong sell. For GBPUSD I’d like to see sellers take out those latest swing low before we’d consider them fully back in control. It would give a downside pulse to negate the buyer’s current strength (I’ve attached a chart here for you).

Attachments:

You must be logged in to view attached files.

[George Gordon-Smith]

Many thanks for the annotated chart Rich,

Yes – I see what you mean.

George

[Author]

Posts