Forex Ebook : Using Candlesticks for Support-Resistance

July 22, 2008 • General section

Forex Ebook : Using Candlesticks for Support-Resistance
In this ebook John H Forman explains how candlestick charting can be used for a typically Western technical analysis strategy. This is actually intended for stock and commodity trading but I think the principle could be applied on forex trading. Observation is the best friend of the technical analyst. By watching the markets, John noticed something […]

In this ebook John H Forman explains how candlestick charting can be used for a typically Western technical analysis strategy. This is actually intended for stock and commodity trading but I think the principle could be applied on forex trading.

Observation is the best friend of the technical analyst. By watching the markets, John noticed something interesting about candlestick charts, which he uses extensively. He realized the real bodies used in candlestick charting can be used to determine significant support and resistance points.

Although they have only recently become popular in the Western Hemisphere, Japanese traders have been using the candlestick charting technique for hundreds of years. Candlestick charts, much like the bar chart equivalent, utilize the open, high, low and close activity to plot a period (usually a day). In candlestick charting, unlike bar charting where the highs and lows tend to be the focus, the opens and closes are the most significant.

You can download this forex ebook from the following link:

Download Candlestick for Support Resistance

Candlestick for Support Resistance

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Forex Ebook : Using Candlesticks for Support-Resistance

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Daily Free Forex Signal 16-07-2008
Today’s GBP/USD Forex Signals (16-07-2008) Best time to place this order: 05.00 GMT sell @ 2.0021 ( Stop/Limit/Market Order) Set Stop Loss @ -30pip Set Profit Target @ 20 pip Daily Pivot: 2.0041 Below are previous trade’s result and the Eur/Usd Signals: Previous Gbp/Usd (15-07-2008) trade and its result: buy @1.9926 ( No Trade ) Today’s EUR/USD Forex Signals (16-07-2008) Best time to place […]

Today’s GBP/USD Forex Signals (16-07-2008)
Best time to place this order: 05.00 GMT

sell @ 2.0021 ( Stop/Limit/Market Order)

Set Stop Loss @ -30pip
Set Profit Target @ 20 pip

Daily Pivot: 2.0041

Below are previous trade’s result and the Eur/Usd Signals:

Previous Gbp/Usd (15-07-2008) trade and its result:

buy @1.9926 ( No Trade )

Today’s EUR/USD Forex Signals (16-07-2008)
Best time to place this order: 05.00 GMT

sell @ 1.5914 ( Stop/Limit/Market Order)

Set Stop Loss @ -30pip
Set Profit Target @ 20 pip

Daily Pivot: 1.5934

Previous Eur/Usd (15-07-2008) trade and its result:

sell @ 1.5887 ( Profit )

Please note that I don’t use the Eur/Usd signals for live trade. It is here for performance tracking purpose.

Previous Day’s HLC (High Low Close) Data

Gbp-Usd
H: 2.0156
L: 1.9931
C: 2.0037

Eur-Usd
H: 1.6037
L: 1.5866
C: 1.5898

I use the above HLC data to calculate today’s pivot point using forex pivot point calculator. If you curious what the HLC data is all about, please read this pivot lines article.

If you’re relatively new to this blog, please firstly read this free forex signals introduction page before you go any further.

If you would like to know the trading system used to generate this signal, please read the both trading the gbp/usd and pipholic gbp/usd daily pivot trading.

You can get the free forex signal delivered to your e-mail if you subscribe to my RSS by email. By subscribing you will receive an email whenever I post new forex articles.

Daily Free Forex Signal 16-07-2008

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