“How To” Start Trading The Forex Market?

What Is FOREX or FOREX MARKET? PART I

The Foreign Exchange market (also referred to as the Forex or FX market) is the largest financial market in the world, with over $1.5 trillion changing hands every day.

That is larger than all US equity and Treasury markets combined!

Unlike other financial markets that operate at a centralized location (i.e. stock exchange), the worldwide Forex market has no central location. It is a global electronic network of banks, financial ...

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EUR/USD H1

General overview for 09/10/2014 11:30 CET

There are some first indications that the main degree  impulsive wave might have been completed ( wave 1 pink) and the market is in corrective cycle in wave 2 pink or it is only a first internal sub-cycle of this wave. Nevertheless, the current situation looks like an upside push to the supply zone and a possible failure is expected here. The abc green correction looks completed as well in a shape of a Zig-Zag pattern, which is VERY POPULAR in wave two overall. Now the market must return to the golden channel and after testing the upper boundary, it must impulsively breakout to the downside, below the intraday support at the level of 1.2698 ( and even lower).
Please notice that any breakout higher above the level of 1.2814 is bullish and next resistance is at the level of 1.3000.

Support/Resistance:

1.2999 - 1.2970 - Demand Breakthrough Zone
1.2900 - Previous Wave 4 Level
1.2832 - WR3
1.2814 - Technical Resistance|Key Level|
1.278 - 1.2814 - Supply Zone
1.2777 - WR2
1.2698 - Intraday Support
1.2620 - WR1
1.2584 - Key Level To The Downside
1.2560 - Weekly Pivot

Trading recommendations:

Long and mid-term trend is BEARISH and only SELL orders should be opened on this pair. First one to try is to short at the current price levels with SL above 1.2814 and TP open for now, but targeting NEW SWING LOW.

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