SpotEuro - How To Trade FOREX Support and Resistance Levels

This is a quick video about a potential trade opportunity we had in our premium members section during the London session. Our analysis showed for GBP/USD gains, especially after better than expected MPC Meeting Minutes and UK Retail Sales data, each providing the pound with enough strength to rally 200 pips before retesting the lows set over the past days; however, instead of taking the trade due to high uncertainty, we pointed out that the market may go in either direction and gave an analysis on what to look for. We were either going to see continuation in favor of the sterling following the 61.8% retracement level or we were going to see a break and a move lower.

There is too much noise in the market and we will not be holding any open positions over the weekend; I feel as if the move lower will be rejected on Monday and we'll see continuation in favor of the pound. We'll see how the majors close and depending on Monday's open, we'll look to enter a fresh trade.

Please let us know if you have any questions on the video.

Category:

Education

Tags:

• forex
• forex trading
• trading fibonacci
• fibonacci trading
• fibonacci levels
• support
• resistance
• S &R levels
• Trade
• Foreign Exchange Market
• Support And Resistance

[FxChat]

Forex-Chat.de

[FreeFOREXautoROBOTS]

Great video! Thanks for your lessons.

[InvestirenBourse]

Nice vid, no BS. Only fibs S/R trading, no indics. I appreciate those, I am always open to someone else analysis. Trend still down doh! But could reverse soon.

Take care!

[john2555]

Good lesson!

[spoteuro]

Thanks for your comment. We consider many variables before entering any trade. We are also careful with our stop placement when dealing with different currency pairs, as some are more volatile and create a lot of wicks below or above support and resistance levels. Every opportunity presents its own set of unique variables and we adapt our analysis to current market conditions. This allows us to filter out the noise and take advantage of high probability setups.

[MsDawdawdaw]

not bad!

[eatfish97]

How nice to see volatility thanks