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USDCHF PROFIT

23rd March 2017 contacttf

Foreign exchange, commonly known as 'Forex' or 'FX', is the exchange of one currency for another at an agreed exchange price on the over-the-counter (OTC) market. Forex is the world's most traded market, with an average turnover in excess of US$5.3 trillion per day.

I was expecting the price to hit the R3 pivot target 0.9943. Price got to 0.9942, and bounces off for the third time. I saw a bearish engulfing pattern, and took the trade accordingly.

I closed out RSI and red on the 1 min chart.

The foreign exchange market is the market in which participants are able to buy, sell, exchange and speculate on currencies. Foreign exchange markets are made up of banks, commercial companies, central banks, investment management firms, hedge funds, and retail forex brokers and investors.