Update on supports and resistances.
Pivot: 109.35
Our Preference: SHORT positions below 109.35 with 107.9 & 106.75 as next targets.
Alternative scenario: The upside penetration of 109.35 will call for 110.3 & 110.9.
Comment: the RSI is bearish and calls for further downside.
Trend: ST Bullish; MT Ltd upside
Key levels Comment
110.9** Fib projection
110.3** Fib projection
109.35** Intraday pivot point
108.35 Last
107.9** Intraday suPport
106.75** Intraday support
105.8** Intraday support
TIPS:
Never risk more than 2-3% of the total trading forex account One important difference between a successful and an unsuccessful forex trader in forex Market is that the first is able to survive under unfavorable conditions on the forex market, while an unsuccessful forex trader will blow up his account after 5-10 unprofitable trades in the row.
Even with the same trading system 2 forex traders can get opposite results in the long run. The difference will be again in money management approach. To introduce you to money management, let's get one fact: losing 50% of total account requires making 100% return from the rest of money just to restore the original balance.
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