A Look Back At Forex Trading - 4/3/06
Author: Eddie Yakubovich.
Looking at Friday’s trades reminds me of the importance of multiple technical
indictors. When I was writing Friday’s newsletter, I spoke of several
indicators, which lead me to believe Cable was going down. Lets review:
First we would like to decide if the up swing will continue or not, and
looking at the 1 hour chart we do not believe it will. We have just had a steep
angle cross of the MACD to the sell side of the signal line, and the 15 minute
MACD continue to be strong on the sell side. The slow stochastic on the 1 hour
chart had a steep angle cross several hour ago and both line are steeply heading
down.
Based on this information we correctly predicted the market was
going down. Now many of you would ask me why not just get in your trade and ride
it down.
Hind site being 20/20, I asked myself the same question, But in
my personal trading style, I used 1.7460 as my entry, which means I missed
getting in my trades by a frustrating 4 Pips.
The simple fact is 1.7460
was a good entry, we were trading @ 1.7452 when I set the trades at 12:00, you
can not expect the market would not go up 4 pips to get me in, that is just
unrealistic.
So once again I missed out on a very big night, of 150
Pips, but I have to come to the realization the market is completely random and
although I was able to predict the direction and the levels, you still need a
little good luck every once in a while to help you make a big trade. Many more
times than not you will get in that trade, it just was not to be last night.
Tonight we are trading around 1.7330, our first region of resistance is
in the 1,7380 range, and a second region around 1.7420. Strong support exits
From 1.7310 to 1.7280 levels.
We have several reasons to believe the
upcoming week should have a significant increase in volatility. We will have to
watch closely this week as the news unfold to decide how it will affect the
market and our trades.
You can also use these same techniques to
successfully pick your our trades, just like we do. With the proper forex
trading education there is no reason you could not be making the kinds of trades
we are make, and discussing in our articles.
Let's face it, whether it's
a Forex Trading Course, or a Forex Seminar, you NEED a Forex Trading
Education
Learn about Eddie's Forex Trading Course or Forex Seminar at:
http://www.elite-forex-trading.com
http://www.foreignexchangeuniversity.com/forex-seminar.aspx
http://www.elite-forex-trading/elite-forex-trading-blog.com