My Trading is based on the laws of supply and demand. Everything about price is reflected in the price. Price moves between areas of supply and demand until the demand is absorbed and price moves lower or supply is absorbed and price moves higher. This blog is dedicated to the relationship of supply and demand and it's effects on price in the forex markets. Once supply and demand is learned, it can be used in any market.
1-19-07
GBPUSD
The long trade in the GBPUSD was exited at 1.9687 yesterday. The GBPUSD sold off to the 1.9643 area which was an area of demand on the daily chart and reversed to close near the 1.9780 area of supply. I would have bought the pullback to the 1.9644 area if I was flat, but since I was in a position, I was trying to protect the profit and I missed the re-entry. I will buy a pullback to 1.9720 for my next long trade in the GBPUSD.
Posted by
Forex Trading Based on Supply and Demand
at
12:43 AM
No comments:
Post a Comment