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Learn Online Forex Trading – Trading market is at key support /resistance areas
Hello Everyone..So, the NFP ( Non Farm Payrolls ) , moved the forex trading market on average in the range of 100 to 110 pips. The observed the market at that time and saw its volatility…
Wow it was fascinating. And like suspected, the trading orders were not getting filled by most forex trading stations. I tested this with a demo account and was glad that I did not place an order with my mini account.
Now, what the Non farm Payroll or lets say NFP has done is it has placed
mostly all the major/minor currency pairs (Ones which have USD as one of the currencies) near the key support/resistance areas.
Take a look at the daily chart of EUR/USD currency pair for example and you will find the same. Oh, before that, do you know what is a support/resistance area and how to identify it? I have mentioned about this in my previous messages on online forex trading. Request you to go through the same. However just a brief summary -
1. Support area - An area on the downtrend of a currency pair from where the currency pair is bouncing constantly. The more the number of times the currency pair hits that area and reverses, the more stronger the support area is.
2. Resistance area – Reverse to what support area is.
Now we all know that if a key support or resistance area is broken, the currency pair shoots off in that direction.
So, take this as a tip and then look closely at 1 hr chart or 15 min or 5 min chart, which you are most comfortable in trading and then come up with an online forex trading plan for the day before you place a forex trade.
Thats all in today’s message on online forex trading.
By the way, I thank the 7 people who left their email ids as per my last message. I have deleted your comments so that your email-ids don’t fall in hand of spammers.
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Before you are going to act in the Forex Trading snake pit, I think it’s important to gain more in-depth knowledge of the Forex Trading System. For example take a look at some sites I have added in the Useful Links section of my blog Online Forex Trading. The publishers of these sites have also proven that they act well regarding to Forex Trading.