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.

About Me

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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

Monday, May 9, 2011

Support and Resistance

This is another chart on S/R on a 1 minute time frame, the price stalls for about 15 minutes before the price breaks in favour of the sellers, about 3 hours later the buyers have a chance to get out close to break even, These buyers earlier normally become sellers so pushing price down again but as I have said before there are no guarantees, it can be hard to get in on a move that has already been going for hours , but these are the entries I am looking for, my stops will be as tight as possible, and the trade must go my way immediately, I am looking to keep my losses to less than 7 pips. When looking at different time frames they can contradict each other so I always look at lots of time frames from weekly too 1 minute,      Dave .