taken a look at the price last night. drafted an uptrend in the 15M time frame. For the past two days, price did not break the resistance level of 1.4844. base on forexfactory.com, couple of news coming out that night (singapore time). with unemployment in green, usd looks to go good. price has been fluctuating upwards towards my 23.6 fibo line @ price 1.4790, was analysing whether there will be a breakout if it punch thru the fibo. considering the Existing Home Sales annoucements in about one and half hours time, base on economical news it looks to be good for the USD. in addition, fibo works as a resistance, unless it break thru the line then it will be acting as a support line, generally speaking. on top of these, it was only about price 1.4800.
Thanks to author
Kathy Lien -
Day Trading & Swing Trading the Currency Market, it was written that double zeros, meaning price ending with double zeros, eg. 1.4800, 1.5200, are psychological levels where prices tends to bounce off resistance or support. Psychological? Market orders, stop-loss orders or take-profit are usually set @ rounds numbers due to human nature. Very good knowledge for intraday trading.
I rode only half of the downwards breakout trend though, @ my 50.0 fibo line. Still very noob. Focusing more on money & risk management first.
black
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