Blog Entries tagged 'Price Action'

Learning Forex Market Movements: Basic Support and Resistance

bobokus@bobokus.com — Fri, 26 Jun 2009 08:00:00 +0100

In this quick lesson we’ll go over the basic concept of setting up your charts to trade in a support and resistance market, then make an analysis based on your chart; which leads into developing a trading plan. We’re only going to use basic tools, horizontal lines to mark the support and resistance points we find above and below price then add a few trend lines to help see the patterns unfolding. We’ll start with a Daily chart and move to the 1 hour timef [...]

Forex: Fibonacci & Price Action

bobokus@bobokus.com — Fri, 30 Jan 2009 08:00:00 +0100

Fibonacci is used many ways, but how many of you ever use it to determine the balance point between long and short? Fibonacci can be used to help identify reversal points in the market as they are unfolding and help give us one more tools in our inventory; to give you that ever so hard to keep edge in trading. Reversal signals are key in keeping pace with market sentiment. There are ways that we can use the Fibonacci tool as an aid in seeing these reversal points and to be able to look pas [...]

How To Trade Forex Using Fibonacci To Follow Price Action

bobokus@bobokus.com — Sat, 17 Jan 2009 08:00:00 +0100

This week we'll look at using the Fibonacci retracement tool to gauge price movement and give some pointers on using the Fibonacci retracement tool. In this example we'll use the USD/Yen and start from the 4 hour perspective. (Figure 1) is the starting point where we watch the retracement. After making a high we see price begin to fall, find mild support and begin to move back up. As it moves back up we can use the fib tool to point out the resistance levels to price.