Pivot: 1713.00
Our Preference: LONG positions above 1713 with targets @ 1737 & 1741.
Alternative scenario: The downside penetration of 1713 will call for a slide towards 1704 & 1692.
Comment: the RSI has just landed on a support around 30% and is reversing up.
Trend: ST Bullish; MT Bullish
Key levels Comment
1752* Horizontal resistance
1741** Intraday resistance
1737* Intraday resistance
1720 Last
1713*** Intraday pivot point
1704** Fib retracement (50%)
1692** 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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