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 5, 2011

The week ahead 5 June

Last week news on Greece tended to dominate the markets leading to news led moves, a few times last week I had my finger on the trigger only to put the safety catch back on , due to Greek news , The areas I will be looking at this week will be S1 at 4400 which has a long tail and a 32% fib level just below at 4859 this depending on a pullback from 4642,

Secondly S2 at 4306 looks interesting which had good resistance, and with a 50% fib on the pip of long tail, thirdly the round figure 4200.

To the upside R1 4843 has a trendline break and a long fast drop, 4898 for R2 and a spike 4938 for R3 , On the big drop from R1 I found one small stall on the 15 min chart at 4717 which I will also keep an eye on , Remember Anything can happen at any time Mark Douglas quote, Good luck and tight stops Dave. PS charts are 4hr candles

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