Welcome to fenaghfx

This blog is not for specific trades,but to share my experience and what I have learned over the last few years, Trading involves significant risk and may not be suitable for all investors.

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I have been trading since 2008 in the fx market, trading mainly eur/usd my approach is technical,using support/ resistance .But always keeping one eye on the news

Thursday, May 12, 2011


In this post I would like to talk about trend line breaks .
I am always looking for breaks and pull backs to these areas from 1 minuet to weekly charts , The first chart is a 1 min chart ,as you can see from the charts above the quick moves catch traders on the wrong side of a trade and when price comes back to same price a reversal normally happens . Looking at the first weekly chart traders must have been looking at the trend line for a buy ,but when it broke there was a long fast drop , the time scale was from dec 2009,to april 2011,   till the price got back too the same level,  I posted a caption trend line break may act as resistance 4905, many traders were very bullish the euro at the time , It can be very hard to look at a chart and ignore the herd, but charts are the only thing I can read more or less.
I do not remember the news dec 2009  but do see the price dropped at that time. On the right hand side of the chart there is SUPPORT ? will this hold ? no guarantees, many traders are very bearish the eur at the moment . DO NOT TAKE THIS AS A TRADE It is only an observation ,I have only been trading 3 years and probably need 1 more  or 2 or 3, Dave

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