http://lh3.ggpht.com/_WdCVNN-NiCg/S7...png?imgmax=800
It was an exciting day for EURUSD.Let’s look at 4Hour Chart of EURUSD.EURUSD has touched my Fibonacci 50.0 level – 1.3542(between the highest level 1.3817 and the lowest level 1.3266)and started dropping (the bigger purple circle),we can it very clearly from the picture at above.4H Chart formed a long tail then the second candlestick had a bearish signal,which gave us a first signal for bearish of EURUSD.Next,we look at the bottom MACD Indicator,we see a red pointing down arrow(at the top of “TC” word) which is another bearish signal of my MACD indicator. 4 hours later,another Strong bearish came out again,75 pips has dropped,which give me a strong signal to short the EURUSD. If you look at the bottom purple circle,you can see that,MACD will further go down below the 0 line,which mean,the uptrend has finished and downtrend is taking over,we will see MACD move further down.
In order to provide me more reasons to shortEURUSD,I looked at the Daily Chart to confirm my trade.Let’s look at the Daily Chart at below.
http://lh5.ggpht.com/_WdCVNN-NiCg/S7...png?imgmax=800
Well,the latest black candlestick is the current candlestick that I’m looking at,a strong black candlestick *(bearish engulfing) has formed and MACD Indicator (at the bottom with number “3” there),has formed a TC (Trend Continuous) signal,which mean. However,the candlestick has not closed yet, therefore,we will wait and see the daily candlestick close to confirm the downtrend,and I will make another short position for the upcoming downtrend,which I estimate that the EURUSD will drop to 1.3122 and 300pips will be the estimate pips we will gain.
*Bearish engulfing is a candlestick pattern name. If you’d like to know more about candlestick study,please refer to Japanese Candlestick Charting Techniques,Second Edition by Steve Nison , or Beyond Candlesticks: New Japanese Charting Techniques Revealed by Steve Nison , it will mention a lot of techniques about candlestick.
Hope all these will help you!
Cheers
Charles BY
http://booyu.blogspot.com
It was an exciting day for EURUSD.Let’s look at 4Hour Chart of EURUSD.EURUSD has touched my Fibonacci 50.0 level – 1.3542(between the highest level 1.3817 and the lowest level 1.3266)and started dropping (the bigger purple circle),we can it very clearly from the picture at above.4H Chart formed a long tail then the second candlestick had a bearish signal,which gave us a first signal for bearish of EURUSD.Next,we look at the bottom MACD Indicator,we see a red pointing down arrow(at the top of “TC” word) which is another bearish signal of my MACD indicator. 4 hours later,another Strong bearish came out again,75 pips has dropped,which give me a strong signal to short the EURUSD. If you look at the bottom purple circle,you can see that,MACD will further go down below the 0 line,which mean,the uptrend has finished and downtrend is taking over,we will see MACD move further down.
In order to provide me more reasons to shortEURUSD,I looked at the Daily Chart to confirm my trade.Let’s look at the Daily Chart at below.
http://lh5.ggpht.com/_WdCVNN-NiCg/S7...png?imgmax=800
Well,the latest black candlestick is the current candlestick that I’m looking at,a strong black candlestick *(bearish engulfing) has formed and MACD Indicator (at the bottom with number “3” there),has formed a TC (Trend Continuous) signal,which mean. However,the candlestick has not closed yet, therefore,we will wait and see the daily candlestick close to confirm the downtrend,and I will make another short position for the upcoming downtrend,which I estimate that the EURUSD will drop to 1.3122 and 300pips will be the estimate pips we will gain.
*Bearish engulfing is a candlestick pattern name. If you’d like to know more about candlestick study,please refer to Japanese Candlestick Charting Techniques,Second Edition by Steve Nison , or Beyond Candlesticks: New Japanese Charting Techniques Revealed by Steve Nison , it will mention a lot of techniques about candlestick.
Hope all these will help you!
Cheers
Charles BY
http://booyu.blogspot.com