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, August 21, 2011

The Week Ahead 21 Aug 11

Hello traders my s/r,s are on the 4hr chart, the bigger time frames are telling me the bulls are in charge ,notice the tightly packed candles on the daily chart the bears lost that battle so for me S2 will be very important to hold this week ,the bollanger bands on the 12 hr chart are still tightening so is a break imminent ? the top of the triangle formation has again been tested and broken ,but a word of warning I never marry an opinion and can change it in a heart beat, I dont mind being wrong, so long as it does,nt cost me dearly. The big fib level 61% at 4521 and the 78% fib levels 4705 should offer keen resistance remember I am still only just a 4th year apprentice and these are only my opinion,s .Good luck and tight stops Dave .

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