Update on supports and resistances. ( 23/02/2012 07:39 )
Pivot: 1760.00
Our Preference: LONG positions above 1760 with 1781 & 1790 as next targets.
Alternative scenario: The downside penetration of 1760 will call for 1750 & 1742.
Comment: the RSI is above its neutrality area at 50%.
Trend: ST Bullish; MT Bullish
Key levels Comment
1800*** Intraday resistance
1790* Intraday resistance
1781** Intraday resistance
1773.5 Last
1760** Intraday pivot point
1750** Intraday support
1742** Intraday support
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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