I don't normally trade forex as i want to avoid margins for the time being. However, i find the market interesting and useful to practice my technical analysis (which i also apply to stocks).
Im new to trading and investing and practicing using a demo account.
my analysis:
- From the day chart we notice a bearish trend that has been gradually losing momentum which is what initially made me realise we might bee seeing a reversal forming. This is highlighted by a channel pattern.
- Moving onto the 4 hour charts. we notice a symmetrical triangle formation. I will be waiting for a breakout at the 104.087 level (opening my trade at or just above this position)
- The fibbonacci retracement has show the triangle pattern is characterised by a resistance at the 50% level (not officially a retracement level- but a good indicator that the bulls will persevere)
- TP: 180.200 SL: 103.643
Giving us a reward:risk ratio 4:1
Welcome any feedback or comments about what you guys think on how you think this pair will perform and ways i could improve my analysis. Cheers
I want to clarify that i am not an expert in anyway, and only analyse to educate myself. Trade at your own risk.
Im new to trading and investing and practicing using a demo account.
my analysis:
- From the day chart we notice a bearish trend that has been gradually losing momentum which is what initially made me realise we might bee seeing a reversal forming. This is highlighted by a channel pattern.
- Moving onto the 4 hour charts. we notice a symmetrical triangle formation. I will be waiting for a breakout at the 104.087 level (opening my trade at or just above this position)
- The fibbonacci retracement has show the triangle pattern is characterised by a resistance at the 50% level (not officially a retracement level- but a good indicator that the bulls will persevere)
- TP: 180.200 SL: 103.643
Giving us a reward:risk ratio 4:1
Welcome any feedback or comments about what you guys think on how you think this pair will perform and ways i could improve my analysis. Cheers
I want to clarify that i am not an expert in anyway, and only analyse to educate myself. Trade at your own risk.