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, June 26, 2011

The week ahead 26 June 2011

This week the areas I will be looking at are S1 at 4125 which has been tested twice now if this area hold,s into Monday I will be looking for a move higher, S2 comes in at 4066 and S3 a big area at 4000 these support areas are tightly pact, a total of 153 pips so if negative news on euro takes hold these areas could possibly fall fast ,

To the upside possible consolidation at 4247 ,R1 comes in at 4305 nice long tail ,I will take a close look at 4380 / 4390 where a smaller time frame trend line break happened, R2 comes in at all the 4444,s and lastly R3 at 4496,

Big news this Greek vote on austerity ,Spanish bond spreads opened to 5.7% on Friday will keep an eye on these, on the bigger picture a triangle is starting to form as bears and bulls start to come together on price , China have again been talking about buying European dept is the story priced in ? don,t no . Any thing can happen at any time Mark Douglas, Good luck and tight stops Dave. ps chart in a 4hr time frame no fib levels as price forming tighter band, I will start looking at bollanger bands as week unfolds .

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