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Khamis, 16 Februari 2012

Analysis Gold - 17Feb12

GOLD (Spot) intraday: further upside.
( 17/02/2012 03:37 )




Pivot: 1713.00

Our Preference: LONG positions above 1713 with targets @ 1742 & 1752.

Alternative scenario: The downside penetration of 1713 will call for 1705 & 1692.

Comment: the RSI advocates for further advance.

Trend: ST Bullish; MT Bullish

Key levels Comment

1763* Horizontal resistance
1752** Intraday resistance
1742* Intraday resistance

1732 Last

1713*** Intraday pivot point
1705** Fib retracement (50%)
1692** Fib retracement (61.8%)


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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