Hello Traders,
I would like to say a few works about the current forex market on both Euro Dollar and Pound Sterling Dollar pairs. Last week's bearish move on both Euro Dollar and Pound Sterling Dollar had broken some of the resistances we desired to be a bullish support so that we could take part, but led us to be sidelined until now. There weren't any Price Action that I was interested in, so I didn't execute any of my trade during last week.
I have no idea of how fundamental result affects the market, however, last week there were high impact news that moves the forex market like NFP and Interest Rate Statements. These news, for me, are unpredictable. Usually I skip or set a tight stop loss if I am currently on a trade during these times.
My Conclusion:
Euro Dollar Analysis
Ranged around 500pips last week, I would like to leave this pair now and let it develop first before taking any false signal.
Pound Sterling Analysis
Ranged more than 450pips last week, I would also like to leave this pair and see how it develops.
Monday, February 8, 2010
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