FOREX Trading Review Video 01 JUN 09 EUR/USD (Trend Continuation)

http://www.fxtrainingzone.com :: EUR/USD trend continuation (Long) trade based on the strong upward momentum:

- Extremely aggressive close of a bullish belt holding candle on the 4H above a lot of previous resistance.
- Price action has found support off 8EMA.
- Price closed above 121.3 extension fib
- 4H candle closed above Box range / consolidation period.
- Momentum and rhythm is extremely strong on the 1D / weekly / 4H close about the 76.4 retracement on 1D and therefore would expect test of the December highs at 1.4700)

Category:

Education

Tags:

• fxtrainingzone
• forex
• training
• trading
• live
• technical
• analysis
• fundamental
• education
• trade
• reviews
• market
• commentary
• gbp/usd
• euro
• dollar
• fx
• metatrader
• currency
• volume
• macd
• EMA
• SMA
• candlestick
• pattern
• levels
• retracement
• Elliott
• wave
• swing
• support
• resistance
• trend
• price
• channel
• trendline
• NFP
• momentum
• GBP
• USD
• non
• farm
• payrolls
• lesson
• MT4
• FXCM
• Bootcamp
• DailyFX
• sion
• smith

[sionsmith]

You are correct, I highlighted why I entered where I did due to the strong momentum.

This trade also highlights the fact that if you trade with the trend you do not have to be perfect every time with each entry point.

Hope that helps?

Cheers

[sl0wik78]

Grat job Sion. Thank you again.

[sujajajjaakakajjs]

not the best entry point in my newbee opinion cos its at the top of 4h channel and it could have all the way down like it did 22nd - 28th May. but it played out similar to 9th - 12th May. good for you