Here’s an update to my 1 hour chart from yesterday. So far I’ve been correct with regards to the current bullish momentum the EUR/USD, and I would continue to look for opportunities to buy on the dips in price action. But I should also caution you all to watch price action closely once it reaches the 1.2435/45 area that I wrote about in Monday’s fundamental analysis. As always, feel free to leave questions or comments below.
Thanks for all the useful info. Can you elaborate on the set-up parameters for Envelopes in MT4? The default settings for Envelopes create lines that are very different from the Envelope lines in your graphics, which tells me that I need to customize the settings to match yours rather than using the defaults. Thanks!
Right now I have mine set to 45 and -45. The way you set this up is by double clicking on the red MA, then go to parameters tab (I believe, I’m on my Iphone right now and not in front of my computer) and then set the value there. When markets get more volitile I increase these values to 55 and sometimes 60. 80% of the time I leave it at 45.