Reading Forex Charts

[neil]

The below thread, written by a UK chap called "Stringmine," has some useful pointers on reading forex charts utilising support/resistance and channels.

Ideal for those who do not use turbo charged wave machines etc.

(a) One of his charts

http://www.jeroo.btinternet.co.uk/fx/Euro-19-01-04-magnetic-support.jpg


(b) The pertinant thread containing more charts, and "Stringmine's" explanatory text.


http://www.moneytec.com/forums/showthread.php?threadid=1415&perpage=8&pagenumber=2


Of course his manner of reading charts is not confined to forex.

Bon chance

 

[sammy]

Hi Neil

Many thanks for posting those links. I am also working on support/resistance & trendlines, couples with fibs. Recently there have been plenty of opportunities in EUR & GBP crosses in long direction. I am posting a chart of GBP which outlines these channels.

Your efforts to help evrybody here are much appreciated.

Regards

FibCouple

 

[sammy]

However, I think we may have strong support from an uptrending channel in 1.8040-50 area. If that happens, I would be looking to buy when uptrend channel becomes estabalished.

Regards