Using the Array and Matrix indicator in multiple time frames can produce some great reversal trading opportunities, as we have seen earlier today in the gbp/cad pair.
The time frames in question are the hourly matrix and 15 min array in conjunction with a 3 pip Renko and 3 minute chart.
And in these highly charged markets resulted in a move in excess of 200 pips.
All the indicators are available for MT4, MT5 and Ninjatrader.
By Anna Coulling...
Morning Bid Levels Trigger Intraday Bounce for EUR/USD
Morning bid levels triggered an intraday bounce for EUR/USD. Early buying support appeared at key zones. This reversed initial weakness. Price climbed steadily as buyers stepped in.
In our forex webinars we now also consider the order boards - in other words those potential buy and sell orders posted by the institutions, & if you can get hold of these I would strongly suggest you watch them (particularly) at the beginning of any session, as they really do influence the price action.
Whilst this morning's level confirmed the selling we have been seeing driven by US dollar strength and equally concerns over Greece, what's more important is where price is likely to pause & perhaps even rebound slightly. The 1.0885 was the first bid level and is was no surprise to see this hit and buyers step into the market. This doesn't negate the bearish sentiment for eurodollar, but at least we know where the...
