Excercise No. 2
November 18, 2015 at 11:40 pm #1873
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.
GeorgeNovember 18, 2015 at 11:41 pm #1876Rich FittonKeymaster
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?November 19, 2015 at 11:59 am #1878
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,
GeorgeNovember 19, 2015 at 12:34 pm #1886Rich FittonKeymaster
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).November 19, 2015 at 4:05 pm #1892
Many thanks for the annotated chart Rich,
Yes – I see what you mean.
- You must be logged in to reply to this topic.