Update on supports and resistances. ( 27/02/2012 07:31 )
Pivot: 1770.00
Our Preference: LONG positions above 1770 with 1782 & 1790 in sight.
Alternative scenario: The downside penetration of 1770 will call for a slide towards 1760 & 1750.
Comment: intraday support around 1770
Trend: ST Bullish; MT Bullish
Key levels Comment
1800*** Intraday resistance
1790* Intraday resistance
1782** Intraday resistance
1774 Last
1770** Intraday pivot point
1760** Intraday support
1750** Intraday support
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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