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Forex trade April 19, 2012. Notes written on about my trade this morning on the Euro / USD. Drawing all the lines makes a difference.

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The fx pair EURUSD is currently in a downtrend because of rate hike expectation of the market. Short positions will be initiated at S2 level 1.1138. (fibo 38.2).

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The fx pair is in an up movement and a correction is still on at the moment.

Opening a position: in every M15 pullback end to the given directions. Every time it is important to take care for the contexts.

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EUR USD. Friday saw the price move to the next level higher as predicted but on its way had a very big news bearing candle that would have taken quite a few traders out. Today sees the price action lining up to move higher again. Through the Asian session the price has slowly fallen back to the pivot and consolidating ready for its move around Euro open. Looking for a low test around 1.09800 then a move higher with momentum to the next level.

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Last week’s spike down to and below 1.32000 was bought. With a decent bounce from 1.31600 we are looking to get long this pair for an even bigger bounce to the upside. Ultimately we are looking for 1.39300 / 1.40000 again. Intraday we can BUY around the 1.33200 level with 40 pip stop looking for 1.34000/1.34500 initially. 1.35300 will offer strong resistance to start with so tread lightly up there.

#usdcad #forex #fxtrading #investing #traders #fxtraders #trading #fx

BUY usdcad at 1.38300 with a 30 pip stop looking for 1.40400 initially then 1.41100. Good third touch support on the H4 and D1 charts today comes in at around 1.38200 / 1.38400. Resistance starts at 1.39800. If price gets below 1.37800 consider shorts but the setup is still to BUY against the lows.

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The Forex market is the most traded financial market in the world with a daily turnover of more than 5 trillion dollars. Forex market is a foreign exchange market where exchange (buying and selling) of currencies takes place.

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