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EUR/USD How to trade?
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Author EUR/USD How to trade?
Ravi_S
Yellow Belt
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Joined: 15 Jun 2009
Posts: 569

Post: #16   PostPosted: Fri Jul 23, 2010 10:00 pm    Post subject: EUR/USD - NVK Reply with quote

Another NVK setup in the one hour chart... Did not trade that... But what a setup... I like the way the price obeys Fibonacci retracement rules...

1. After the NVK was formed, it took a break at around 38.2% (1.2844)
2. After that it took another break at 50% ( 1.2880)
3. It was oscillating between 61.8 and 50% for quite some time
4. Then broke out and exactly touched 78.6%.

All this happened in a day and a half...

1. Then came the doji, and price retraced back to 61.8, the next hour it stopped at 50% and the next hour it touched 23.6% and then it formed the doji in 5 mins which was put in this forum..

If somebody wants to study Fib... this is the chart...

Regards
Ravi



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mbn
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Joined: 29 Nov 2007
Posts: 27

Post: #17   PostPosted: Sat Jul 24, 2010 7:58 pm    Post subject: Reply with quote

thats a nice explanation.keep up the goodwork
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