'Market and Human' Psychology perspectives with tips on how to avoid common mistakes by 
When looking at a pattern like this a trader must ask himself: Is this pair basing to go higher or is it retracing before continuing lower?
In Elliott wave theory there is a pattern referred to as a leading diagonal. There is also a pattern that is very common that is a triangle and appears in the 4th wave position. In these two cases the outcome price directions are opposites.
At this time the current pattern fits both criteria. This happens fairly regularly as it is much easier to read theses patterns after they complete. During the forming process it can be rather subjective.
So, the best thing to do is look for all the possibilities and trade the one that shows the most promise at a time of reversal or break-out.
If you don’t know Elliott Wave theory, that’s OK because you can simply use good judgment around trend-lines. The key is to pick your entries where risk is limited.
Had I been observing the charts when the top candle formed on the hourly chart I would have considered a sell trade with a stop at the high. I might still, if the price rebounds back toward the line then resumes a downward direction.
So wait for the opportunities and trade accordingly.
Dear Sir,
I have some doubts about brokers like FXCM.Are they in big fincial crisis,thats why they charging very huge roll over fee and very wide spread? please answer me Sir.
Dear Mr. Fernadoss.
Your question is important and should be addressed properly so please see my blog.
Pierre