Glasgow Rangers were founded in the early 1870's by four men comprising of brothers Moses McNeil and Peter McNeil, along with Peter Campbell and William McBeath. The name Glasgow Rangers originated from an English Rugby team and in their first year, they took part in two friendly matches, finishing 0-0 with Callandar F.C and overwhelming Clyde 11-0. It was clost to two decades after their formation in the year 1888 when they encountered Celtic F.C. in the first Old Firm clash; sadly Rangers were defeated 5-2 to a Celtic side that had only just formed as a team.
In 1890, Rangers took part in the first season of the Scottish Football League, along with an additional 9 teams and faced Heart of Midlothian in their first game, beating them comfortably 5-2. Rangers proved to be a team to be reckoned with and at the end of the 1890-1891 campaign they ended up equal first with Dumbarton. As a result of this a play-off was held but the two sides still couldn't be separated and the final score was 2-2 so the title of champions was shared for the first time in its history.
During 1919 Rangers really grew as a significant footballing team scoring over 100 goals and winning 31 of the 42 games played. Regrettably the celebrations were eclipsed, due to the team's manager William Wilton dying in 1920 after a boating accident. The Struth years soon followed from 1920 until 1939 which saw Rangers dominate Scottish football with 14 league titles, benchmarking a new era for Rangers F.C. Moving on to recent times, and more specifically the years 1988 to 1997, saw Rangers acquire 9 consecutive league titles, equalling Celtics record and proving themselves as an leading team in the Scottish Premier League.
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OK, now that that's out of the way let's get to trading.
We are firmly in a downtrend from 1.7593, and longer term from 1.7933. We have been breaking through support all week, and until we get signs or indications otherwise, the market should continue it's downward move.
The next area of support is minor around the 1.7280 swing low, followed by the cluster around 1.7230 and more around 1.7147 heading down towards a complete retracements of the 1.7048 to 1.7933 move @ 1.7048.
This current move could certainly continue even beyond the 1.7048 level and become a continuation of the overall down trend from 1.9549.
We have further confirmation via Technical indicators. The Daily MACD has joined the 4-hour MACD in crossing to the sell side of the signal line, with what appears to be a significant crossing angle.
Our resistance levels were just a little off last night, which is not to say they were bad, but we have gotten spoiled, hitting our entry levels every night this week within a couple of pips.
The first area of resistance, many of our traders' uses for a possible entry was around 1.7460 last night. The market went as high as 1.7449. When you look at the fact that a majority of our traders use about a 10 pip cushion, we were right there.
Currently, we are trading around the 1.7345 level. It appears the down move is fully in place, and should continue towards the previous lows at 1.7280.
If this should not hold, and we have no indication it should, we would be looking towards the next cluster of support at 1.7230 and 1.7048.
If a bounce back up should occur, it would be testing the resistance cluster around 1.7600.
Due to the lack of volatility, this is a very tough market to make money in. Even with these conditions, however, if you adhere to your risk vs. reward and money management rules, and you follow what he charts are telling you as far as trend direction and support and resistance, you can be very successful.
Remember, taking no trade while waiting for your perfect entry is much better than taking a bad trade.
Finding good support and resistance levels could be done in as little as 30 minutes per day, once you have become comfortable we've whatever indicators and analysis you use
The easiest way to attain the knowledge necessary to find an exploit these trading levels is through an elite Forex trading course. There is no better way to reach the goals have set out in your Forex trading career that began with the quality Forex trading education.
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