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

Tuesday, June 14, 2011

Momentum 15 min time frame

Another way I look at momentum , is increasing momentum, looking at the 15 min time frame above. Price is at support ,and there is a line being drawn at the 4320 area. The longer tails are appearing on the bottom side of the candles ref A/ B /C , also ROC is hitting higher lows , and the bottom line on the bollanger band is being respected. Before the price finally breaks higher, two higher peaks are printed, At D traders looking for range to hold are trapped when price breaks higher putting them on the wrong side of the break at 11.00, At 18.00 , 7 hours later these traders have there first chance to get out for a break even trade at E ,with a buy order , and with new traders buying here the momentum is with the buyers, As with all trades indicators are only guides , and the right hand side of the chart is still in the future , which still has not been printed ,identifying opportunities to enter is very hard and learning to see these only gives a higher probability trade with no guarantees. All the best Dave good luck and tight stops.

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