Update on supports and resistances. ( 22/02/2012 11:51 )
Pivot: 1742.00
Our Preference: LONG positions above 1742 with 1762 & 1772 as next targets.
Alternative scenario: The downside penetration of 1742 will call for 1733 & 1716.
Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
Trend: ST Bullish; MT Bullish
Key levels Comment
1780* Intraday resistance
1772* Intraday resistance
1762** Intraday resistance
1753.7 Last
1742** Intraday pivot point
1733** Intraday support
1716** Fib retracement (50%)
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.
Hey Everybody,
BalasPadamBelow is a list of the highest ranking FOREX brokers:
1. Best Forex Broker
2. eToro - $50 minimum deposit.
Here is a list of the best forex instruments:
1. ForexTrendy - Recommended Odds Software.
2. EA Builder - Custom Strategies Autotrading.
3. Fast FX Profit - Secret Forex Strategy.
I hope you find these lists helpful.
ForexTrendy is a state of the art application capable of finding the most reliable continuation chart patterns. It scans through all the charts, on all time frames and analyzes every possible breakout.
BalasPadam