Pivot: 100.55
Our Preference: LONG positions above 100.55 with 102.6 & 102.9 in sight.
Alternative scenario: The downside penetration of 100.55 will call for 99.9 & 99.3.
Comment: the immediate trend remains up and the momentum is strong.
Trend: ST Bullish; MT Ltd upside
Key levels Comment
104** Intraday resistance
102.9** Intraday resistance
102.6** Intraday resistance
101.38 Last
100.55** Intraday pivot point
99.9* Fib retracement (50%)
99.3** 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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