Update on supports and resistances. ( 22/02/2012 10:12 )
Pivot: 1.3175
Our preference: Long positions above 1.3175 with targets @ 1.329 & 1.332 in extension.
Alternative scenario: Below 1.3175 look for further downside with 1.311 & 1.308 as targets.
Comment: the RSI is mixed with a bullish bias.
Key levels
1.335
1.332
1.329
1.32228 last
1.3175
1.311
1.308
TIPS
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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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