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Let’s go down to an hourly bar. Now as we’re looking at an hourly bar, we have got a bigger picture. We have got our bigger pattern. All of it is still in place. Â
What are we looking for? Well, this is where we look for additional clues that the market is moving in the direction that we anticipated. Remember based on our planning, we said that the market was probably going to move down to support if it broke out and we can see that the market has the support down here.
We can also see that the market has support down here. Remember this is a line that we drew in effect, weeks ago. So we are already anticipating this. How do we get a game plan from that? Believe me; I am still within my twenty minute promise here. What I highlighted in today’s video was this triangle pattern here. What I was expecting that was if the market was going to make a reaction, it was going to happen down here. It was going to be that the market was moving down, right? If the market is moving down, then I have a target. I have a target on my video up here and I have a target down here.
We have also got targets for a longer term game plan down here. So now I’ve gone all the way from the weekly. I have seen where the market participants have made adjustments. I have seen where the market participants have made decisions. I have gone down to the daily and I can see a larger pattern. I have gone down to a four hour bar. I have seen where the momentum is. Now I am looking at an hourly bar and I can see even more detail; I can see where all of these decisions are being made and also where I can now get into the market and hopefully make money.
Yes, this particular pattern did work out. It was a very fast winner and for anybody still holding on to position, they are still in the money they say. This market may make another leg down. If it does, I’ve got a target right here of 9860. If it even goes any lower, I have a target down here below 9800. Again, it’s all in the plan and it’s all known ahead of time.
About the Author:
Mac X is recognized as a forex expert trainer, forex trader and author of three best-selling forex” target=”_blank”>www.theinsidercode.com/forex-trading”>forex trading books and Home Study Courses including “How To Get Filthy Stinking Rich Trading The Forex” book and Home Study, “How To Trade The Harmonics of The Foreign Exchange Markets”. Mac X has trained over 1,300 students in large forex seminars, one-on-one and small groups. Read Mac’s Forex Blog for more Forex Trading information at TheInsiderCode.com.
Article Source: ArticlesBase.com – Forex Trading Pattern – Part 1
TheInsiderCode.com Mac X- Daily Forex Trading Video for 2009/03/05
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