frankstar

I think your on the right track. Have you thought about using some simple moving averages? I consider these moving support and resistance. I use the 10, 20, 50 and 200 SMA's - because many of the pro's use these as well, and place orders at and around these averages. You can often watch price bounce 20 - 50 pips when it hits these SMA's for the first time - especially the daily SMA's. All I trade with are fib levels (monthly down to 1hour) moving averages and candlestick patterns. Other levels I'll mark in on my charts are 00 levels (1.6100, 1.4100, 81.00 for example) and highs / lows in the weekly chart. I find that if you have an SMA with a fib level, price will often bounce 20 - 50 pips. I also watch how far price moves away from the 50 SMA - because price action does tend to oscillate around SMA's (other people often use 200SMA). If you get, for example a hammer in the 15 minute chart that has bounced off the 200MA and a 4hr 50% level, that is extended a long way from the 50SMA, and has started to bounce at the beginning of the US session, then I would go in on a day trade and aim for a good 50 pips. Hope you find the post useful Regards Francis

Here are some news releases with a lot of market moving potential at the moment. I say at the moment as a lot depends on the times. For example at the start of the panic in 2008, housing data was really important, as it was real estate that caused a lot of the mess. Anyway these are the ones I concentrate on... In no particular order: 1) NFP and employment reports (for any country - although the US non farm payrolls is the elep[hant in the room) 2) Monetary policy statements and Interest rate announcements. Especially if they are a surprise. For example Canada recently surprised the market with a hike in September - this moved the USD/CAD pair a good 250 pips over the next few days. 3) CPI figures. 4) Retail Sales - can be a market mover for certain countries - especially consumer driven ones like GBP, AUS, USD, EUR. 5) Existing Home sales