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

Sunday, May 29, 2011

The week ahead

The two charts shown below are in 12 hour candles, The chart above is a 4 hr , the bottom chart shows the area,s I will be looking at during the week . Firstly R1 the open will be very important, so far this was rejected twice, and with the move from the high 4938 too the low 3967 this adds a 38% fib level, at 4338, If we get above this level the next resistance area should be all the fours ,4440 which has a trend line break ,a 50% fib level and long tails on the candles, then on R3 we have the 61% fib at 4567 and the break down from 4509, although this would be later in the week. Finally to the downside I will be looking at the 4200 area as first support , and 4066 as next support, and finally 3968, Good luck and tight stops, Dave .and remember ,ANY THING CAN HAPPEN AT ANY TIME, Mark Douglas quote,

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