SINCE LOOKING AT THE NEWS BASED ON UK FUNDAMENTALS, I DECIDED TO NOT TRADE ANY PAIRS OF THE GBP, DUE TO THE UK ELECTIONS, ASSUMING IT MAY HAVE A BIG IMPACT ON THE POUND AND EFFECTS OF WHATS BEEN GOING ON RECENTLY IN LONDON, ENGLAND.
I RECONSIDERED MYSELF TO LOOK AT OTHER TRADING PAIRS, AND HAD A TASTE OF THE EUR/JPY - (EURO YEN - € x ¥)
I LOOKED AT THIS PAIR ON FRIDAY, 2ND JUNE, COMING TO THE END OF LIVE TRADING SESSIONS AT 10.00PM WHEN THE MARKET WAS CLOSED.
I HAVE ANALYSED THIS CHART BY USING THE DAILY/WEEKLY TIME FRAME, BUT HAD A BETTER PERSPECTIVE ON THE DAILY. THROUGH LOOKING AT THE CHART, MY INSTANT DECISION TOLD ME THIS TREND WAS A BULLISH TREND. HOWEVER, I HAD A HIGH INSIGHT THE TREND WAS GOING UP, AS THE BUYERS WAS BUYING.
I USED SEVERAL SUPPORT AND RESISTANCE LINES TO SEE IF THE CANDLE STICKS WHERE GOING TO BREAK THROUGH, WHICH IT DID. ME USING SEVERAL WEEKLY RESISTANCE LINES AND ONE DAILY, REASONABLY MADE ME GO FOR LONG POSITION, LOOKING AT MARKET RETRACEMENT AND ONE CONSOLIDATION TREND LINE.
"WHAT GOES DOWN, MUST GO UP"
"WHAT GOES UP, MUST GO DOWN"
LETS SEE WHAT HAPPENS IN THE NEXT FOLLOWING WEEK :)
I RECONSIDERED MYSELF TO LOOK AT OTHER TRADING PAIRS, AND HAD A TASTE OF THE EUR/JPY - (EURO YEN - € x ¥)
I LOOKED AT THIS PAIR ON FRIDAY, 2ND JUNE, COMING TO THE END OF LIVE TRADING SESSIONS AT 10.00PM WHEN THE MARKET WAS CLOSED.
I HAVE ANALYSED THIS CHART BY USING THE DAILY/WEEKLY TIME FRAME, BUT HAD A BETTER PERSPECTIVE ON THE DAILY. THROUGH LOOKING AT THE CHART, MY INSTANT DECISION TOLD ME THIS TREND WAS A BULLISH TREND. HOWEVER, I HAD A HIGH INSIGHT THE TREND WAS GOING UP, AS THE BUYERS WAS BUYING.
I USED SEVERAL SUPPORT AND RESISTANCE LINES TO SEE IF THE CANDLE STICKS WHERE GOING TO BREAK THROUGH, WHICH IT DID. ME USING SEVERAL WEEKLY RESISTANCE LINES AND ONE DAILY, REASONABLY MADE ME GO FOR LONG POSITION, LOOKING AT MARKET RETRACEMENT AND ONE CONSOLIDATION TREND LINE.
"WHAT GOES DOWN, MUST GO UP"
"WHAT GOES UP, MUST GO DOWN"
LETS SEE WHAT HAPPENS IN THE NEXT FOLLOWING WEEK :)