Please see attached daily chart. I would like to have your opinion regarding a long trade. The light pink line is a major trend, while the 2 yellow lines are the channel within which price has been moving. The white line is 200SMA and today's close is just above that. Today's candle was not convincingly bullish and there seems to be some (minor) resistance at 1.5910. However I see a good long term trade if price moves up. With a stop at 1.58165 and initial target 1.60200, it looks to me a good reason to go long. Current price is 1.58810. 

There are so many good and experienced traders here at forexstreet and I request you all to give me your thoughts - whether from technical/fundamental/price action or mathematical perspective. I am sure there are so others like me who will learn from your expertise.

Thanks

Views: 967

Comment by raj patel on November 23, 2012 at 6:41pm

Oasis,

Don,t miss understand Peter its not in his nature to tease others or draw pleasure to be on the winning side in fact we very much welcome your chart reading skills and the views of your analysis.

If there is room for you to develop additional skills and learn to cast your net wider then we may be able to pass on some tricks that we use.

Let me add I have tested Peter's scalping strategy and found it to be one of the best around  a thing or two would be worth learning.

Later on I will summarize the weeks events as what  transpired and how one could bundle some common  Psychology Patterns that market makers use.

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