Update on supports and resistances. ( 29/02/2012 10:03 )
Pivot: 26.00
Our Preference: Bullish above 26 with targets @ 40.7 & 43.4 in extension.
Alternative Scenario: Below 26 eye a drop towards 23.5 and 19.75 in ext.
Comment: the break above the channel resistance is a key signal for further medium term gains.
Trend: ST Bullish; MT Bullish, we have been bullish since 4 JAN 2012 (29.4).
Key levels Comment
50 Swing high
43.4 Horizontal resistance
40.7 Fib retracement (61.8%)
37 Last
26 Pivot point
23.5 Horizontal support
19.75 Horizontal 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.
NEWS:
silver for May delivery eased down 0.25% to trade at USD37.11 a troy ounce, while copper for May delivery gained 0.55% to trade at USD3.943 a pound.
Silver prices surged nearly 4% on Tuesday to hit the highest level since mid-September, after breaking through a key resistance level close to USD35.73 a troy ounce.
Market participants said that the breach above that level signaled an upward momentum in prices and triggered fresh buy orders from large institutional investors and hedge funds.
Silver prices have rallied almost 34% since the beginning of the year, while monthly gains for February are set to top 11%.
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