Tuesday, April 24, 2012

Forex Trading Signal Week #5 2012

February 19, 2012 by  
Filed under Forex Signals

I hope that some of you guys have profited from the 200 over pips down move last week for the negative macd divergence that I have talked about last week.

Below is the signal for this week

Forex Trend Analysis

  • Weekly Chart: Flat
  • Daily Chart: Strong Bearish
  • 4 Hourly Chart: Weak Bearish
  • Hourly Chart: Weak Bearish

As a whole, the trend for this pair is DOWN for the week.

Forex Technical Analysis

4 Hourly Chart
If you draw a Fibonacci level on this time frame, you can see that the price is being resisted by the 0.382 Fibonacci retracement level.

At the same time, there is a railway track candlestick pattern forming.

Overall Forex Analysis
I will look to go SHORT for this pair as there is a confluence between the trend and the strong resistance on the 4 hourly chart.

Other Related Posts:

  1. Forex Trading Signal Week 2 2012
  2. Forex Trading Signal Week #6 2012
  3. Forex Trading Signal Week #8 2012
  4. Forex Trading Signal Week #7 2012
  5. Forex Trading Signal Week #3 2012

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