Marc Walton on July 24, 2013
Hi, I explained on Sunday that we might be
seeing the start of summer ranging markets but that we should let the
markets make a move before deciding. As you have seen there is still
life in a lot of pairs and the MAJOR support and resistance areas seem
most relevant right now and trading from suggested daily charts has seen
a lot of low risk winners.The Gbp/$ broke and closed above 1.5330 on the daily, did an M2 pullback and is currently 40 odd pips in profit as I write. The Chf did an M2 short move, the Euro/Yen a long and the Euro did an M2 on the4 hour charts.
Not all good news though as the $/Yen lost longing at 100.00 but I do believe concentrating on major areas is the most conservative method for the rest of the week. Its a fairly light scheduled news week so these areas will certainly see price react. All explained in todays short video:
New members please note: If I am looking to take a trade long, at for example 1.5000 , I place my order 10 pips above & 10 pips below for a short. This is because price often does not quite reach a major line and you need to allow for spreads.
We are NOT a “tipping service” our aim is to teach you how to trade for yourself. For more up to the minute updates do not forget to drop by the forum
Pierre, Vassilis (Capsmart), Raa, Omar, Mary, and other experienced members will be available in the forum to give you a more up to the minute assessment & whether they see any potential trades lining up in the next few days. Many members tell me this is the best forex forum there is (no back biting & bitchiness, nor spam, that spoils most forums) and all members are happy to help new visitors. Its a great resource,