Forex Technical
GBP Bullish or Bearish
April 26, 2010
Gary Fichardt - FxBigDog
MTI 4.0 Charting on Demand serves as an all-in-one Forex charting platform and analysis tool that gives Forex traders the same accurate and reliable Forex charting tools that the pros use.
Chart Analysis
Traders get confused on how to use the daily time frame with the smaller time frames. On the daily time frame we have the market showing bearish down swings but yet the on the lower time frames are bullish.
Knowing the big dogs are overall bearish on the daily, does not mean that smaller investors can not take advantage of the smaller bullish swings, as long as traders understand what trader they are.
In other words, you either a position trader trading off the daily swings or you a short-term intra-day trader trading off the lower time frames swings.
Want to learn more about this strategy?
Analysis
For intra-day traders when looking at the daily time frame, trader should use it as a indicator on where the smaller time frames will move the prices between. Although the daily is showing down bearish swings, its the 60 minute time frame that will confirm what we seeing on the daily. Therefore intra-day traders should follow the 60 minute swing bullish until you see lower lows and lower highs.
The last swing on the 60 minute is bullish and until the low at 1.5294 is taken out, we heading for the 618 fib level on the daily at 1.5816 and the re-test of the previous low.
Want to learn more about this strategy?
All of the analysis is done using the MTI 4.0 charting software, practice these, and other great strategies for FREE, by downloading a 14 day trial of MTI 4.0 charting.
Not sure what level trader you are?
Find out your Forex IQ!
