FOREX Trading Review Video 22 MAY 09 EUR/USD : Counter Trend (Channel resistance)

http://www.fxtrainingzone.com :: EUR/USD short trade based on the price action reaching top of channel. Risky trade, where I show you what to look for:

- Series of 4H spinner closes showing trendline resistance, and lack of momentum to break price channel.
- After the belt holding candle close at 16:00 (21/05/09) the small candles show a lack of momentum & emotion to the upside which you would expect with such a positive close.
- Large MACD divergence on the 1D chart.
- Price action is a large distance away from the 8EMA on the daily chart, so per palmer i'm expecting it to fill the gap.
- Price found resistance on the 161.8 fib extension.

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[sionsmith]

No I only trade FOREX (EUR/USD & GBP/USD) have you tried it?

[Ochar1975]

study

[GoodBoyFx]

word of advice, zoomout, forget naming candles, 3 moving averages = disaster. too many lines on ur chart will only hurt you.

[robnfc1]

@sionsmith

spot on videos mate, cheers!!!

just wondered , how many trades do actually place a day , I'm just curious as to whether the entry points come along on a daily basis or weekly or do you just scan about and see what's happening, have you ever had to wait a few days for a good signal? thanks again.

[MrGripperz]

i want to start trading forex and commodities, where do i start ?

[sl0wik78]

Great job! Thank you.

[moxiemulgrew]

Good job keep them coming, have you ever traded the 4H macd system on FTSE futures..?