( 17/02/2012 04:36 )
Pivot: 1.304
Our preference: Long positions above 1.304 with targets @ 1.319 & 1.3215 in extension.
Alternative scenario: Below 1.304 look for further downside with 1.297 & 1.2925 as targets.
Comment: the RSI is bullish and calls for further advance.
Key levels
1.324
1.3215
1.319
1.31257 last
1.304
1.297
1.2925
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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