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Saturday, 10 April 2010

Forex - how to use support and resistance level

First of all, I need to clarify that I am not a professional forex trader. I am still a beginner but I would like to share what I know about forex.

Above picture shows EUR/USD in H1 time frame. I used one red line to join recent high ( resistance level ) and another one red line to join recent low ( support level ).

If I put a buy stop at 1.3360 ( blue line ), until now, I would have earn 130 pips.

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