GBP/USD long trade based on the 4 hour closing showing upward momentum:
-4H bullish engulfing formation which closed above previous resistance.
- Price has found strong support off the box range which it had been in for a number of days.
- 4H close placed a higher high and a higher lower indicating more upward momentum.
- 1D has shown aggressive belt holding candle which closed about the previous long box range.
Tuesday, 28 July 2009
Tuesday, 7 July 2009
FOREX Trading Review Video 06 JUL 09 GBP/USD 4H Bearish Belt Holding Engulfing
GBP/USD short trade based on the 4 hour closing of strong belt holding engulfing candle:
- Very Strong 4H close below previous support at the 1.6220 zone.
- Large bearish engulfing candle which shows strong momtenum to the downside.
- 4H arrgessive close outside of the large box range / consolidation period we have been in for just over a month.
- 1D placed a bearish engulfing pattern off the new highs.
- 1H showing a lower high and lower low, with good angle and seperation of the 8 / 21 EMA's which indicates good momentum & rhythm.
- Very Strong 4H close below previous support at the 1.6220 zone.
- Large bearish engulfing candle which shows strong momtenum to the downside.
- 4H arrgessive close outside of the large box range / consolidation period we have been in for just over a month.
- 1D placed a bearish engulfing pattern off the new highs.
- 1H showing a lower high and lower low, with good angle and seperation of the 8 / 21 EMA's which indicates good momentum & rhythm.
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