Update on supports and resistances. ( 27/02/2012 00:53 )
Pivot: 1.34
Our preference: Long positions above 1.34 with targets @ 1.353 & 1.3565 in extension.
Alternative scenario: Below 1.34 look for further downside with 1.334 & 1.329 as targets.
Comment: the RSI is above its neutrality area at 50%.
Key levels
1.36
1.3565
1.353
1.3468 last
1.34
1.334
1.3
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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