A long bearish candle transformed to a long hammer, indicating the probability that tomorrow will be a Euro bulls day. Buy order triggered on prices breaking 1.2371 for +10 pips to +50 pips or according to your exit strategy. Please note that I always close my oredrs after a minimal amount of pips regardless which pattern I see in the candlestick charts.
I am using metatrader 4 platform because I get a lot of questions in this issue, I am on +2 GMT time frame which is the default time frame in the Metatrader 4 application.Metatrade 4 can be downloaded for free from http://www.metaquotes.net/.
4 comments:
Hello,
Metatrade looks good. Does it give real time quotes ? I'm going to go with Oanda. You are right about them, they are very flexible. Thanks for all your help so far. Where can I go to also find out what the exchange rate is for pairs ? For example isnt 1 pip on on the USD/CAD worth about $7.50 ?
hi, It seems you are still a begenner in the forex, Actually I am considering myself also a begenner and will continue to consider myself like that for the coming few years at least.
About Oanda , yes they are very flexible, and about your question weather 1pip is usd/cad is 7.50, this depends on your transaction size, for example if you bought 100 units in usd/cad then 1 pip= 1 cent, while if you bough 1000 units then 1 pip =10 cents while if you bought 10000 units then 1 pip =1 $ and so on. so it all depends upon your transaction size.
Once again , thank you for your help.
You are much more than wellcomed. I am hoping you didn't place any order except after 1.2371 which wasn't broken.So no losses for today.
May God bless
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