How To Trade Forex Today, Dec 29th 2008

EURUSD Outlook

The EURUSD bearish channel on 4h chart has been violated to the upside. On another point of view, the pair also broke the rectangle pattern (ranging market 1.3830 - 1.4125) to the upside. The bias is on the upside in nearest term. A consistent movement above 1.4125 area could trigger further bullish momentum testing 1.4300 resistance level. Immediate support is seen at 1.4100 followed by 1.4050. CCI in overbought area on 4h chart but movement below 100 line is rejected suggesting a potential bullish momentum continuation.

eurusd4hchart7

EURUSD Daily Supports and Resistances:

* S1= 1.4025
* S2= 1.3990
* S3= 1.3944
* R1= 1.4106
* R2= 1.4152
* R3= 1.4187

GBPUSD Outlook

The GBPUSD continued it’s bearish momentum on Friday. The pair bottomed at 1.4650 and closed at 1.4652. We still have bearish price channel on hourly chart. The bias remains bearish. Only a violation of the bearish channel would be a violation to the current bearish scenario. Immediate resistance is seen at 1.4730. A break above that level would change the bias into neutral area. CCI in neutral area on hourly chart.

gbpusdhourly6

GBPUSD Daily Supports and Resistances:

* S1= 1.4603
* S2= 1.4553
* S3= 1.4456
* R1= 1.4750
* R2= 1.4847
* R3= 1.4897

USDJPY Outlook

The USDJPY didn’t make a significant movement on Friday. On hourly chart we can see that after violated the bullish channel, the pair is moving in a rectangle pattern, which is a consolidation/continuation of the current bullish short term trend. The bias remains to the upside. I am expecting a breakout to the upside of the rectangle formation and targeting 91.60 resistance area. Immediate support is seen at 90.20.

usdjpyhourly13

USDJPY Daily Supports and Resistances:

* S1= 90.43
* S2= 90.21
* S3= 90.06
* R1= 90.80
* R2= 90.95
* R3= 91.17

USDCHF Outlook

After breakout to the downside from the descending tringle formation on 4h chart, the USDCHF continued it’s bearish momentum. The bias remains bearish testing 1.0410 area again. Immediate resistance is seen at 1.0687. CCI in oversold area both in hourly and 4h chart suggesting a potential minor upside pressures.

usdchf4hchart4

USDCHF Daily Supports and Resistances:

* S1= 1.0641
* S2= 1.0606
* S3= 1.0543
* R1= 1.0739
* R2= 1.0802
* R3= 1.0837

Have a great day!

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My first forex trading

After my account had been actived in FXOpen and I start to trade in forex trading with real money. Like I have writen in my first deposit in FXOpen, before I trade in forex trading, I check economic calendar to see result that can be momentum to open position and use four indicator as technical analysis in forex trading, like charts in this below



I use moving average( 5 and 6 ), RSI ( 14 ), Stochastic Oscilator ( 5,3,3 ) and volume for my daily forex trading.
In my first forex trading, I had two position and all succesfull. I had close two postion and gained 149 in micro forex and my account be $12.22 from $10.73. Nice start?

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My First Deposit In FXOpen

After I traded with virtual money in forex trading for about 3 months, I start to trade with real money in forex. So I take my Photo ID and National ID to be verified by FXOpen Forex Broker, I upload in Saturday Nov 22th 2008 in FXOpen but for 2 weeks my account had not been verified by FXOpen. After that i submited again in working day, Tuesday and my account had been verified in 2 days. So friends... if you want to verifi your account in FXOpen, submit or upload your ID in working days!. Why I choose FXOpen Forex Broker?, because I believe this Forex Broker and I can deposit with local bank, local deposit and I can trade with micro forex for newbie like me.

After my account has been verified, I can make deposits and withdrawals from my account at FXOpen Forex Broker. I start deposit with local Bank, Bank Central Asia $10 and active in 1 day, so from Wednesday, Dec 3rd 2008 I start traded with my forex strategy and my rule that I was learned. Like I learn and read with expert trader, this will be my daily forex diary, my daily forex note, my daily forex record. So what make me succesfull or fail it will be my experience, and I hope my forex trading will be better.

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