Author: Eddie Yakubovich
Source: articleage.com
So, hopefully, you have been keeping up with my looks back on the Forex markets. Forex trading, like any other skill, can be improved with research and education.That being said, the greatest asset for research is hindsight. Remember, in Forex trading, history tends to repeat itself. It is this fact that we will try to exploit in our looks back at Forex trading.So far, we have focused only on Cable, which is a nickname for the currency pair - British Pound / US Dollar. The, Stock Day Trading, symbol for cable is usually represented as GBP/USD.In our technical analysis, we use time frames ranging from weekly to hourly. This way, we have a good outlook on the trend in the both the long and, Stock Day Trading, short term.Remember, this article was written well before you are actually reading it. Use this information as a tool only. By the time you read this, our support and resistance levels will have changed.Do not attempt to use this information as trading advice in any way whatsoever.I look forward to hearing your thoughts and comments.OK, let's get to the trading.Cable appears to moving once again. I really feel good to have a daily range well over 100 pips that was not directly driven by news. We fell short of getting in our trades last night, there just was no real bounce before the down move.The 1.7440 level only really had two reasons to take it, and was only 14 pips, Stock Day Trading, away from the close of the previous days trading close. That's just a, Stock Day Trading, little too aggressive especially with the volatility starting to increase.The 1.7440 level is now much more important as we add a last nights high to the growing list of reasons to take it. Cable has turned outlook consolidative first but upside should be limited by 1.744 resistance and bring fall resumption.We feel the resistance should holds below 1.7420 without news to push it past, and we will expect the price action to resume its downward, Stock Day Trading, move towards 1.7048.Now, go ahead and take a look at what trading activity transpired in the session following when this article was written. Hopefully, it went my way.Getting, Stock Day Trading, the proper forex trading education, to be able to recognize that adjustments should be made, and more importantly understand how to make those adjustments, is the best way to survive and thrive in this or any kind of market. Learn to be an independent trader and control your own future.Eddie has trained traders for 10, Stock Day Trading, years. His Forex trading course, or Forex seminar, is the only Forex trading education you need.
Showing posts with label forex trading education. Show all posts
Showing posts with label forex trading education. Show all posts
Tuesday, September 29, 2009
Saturday, September 26, 2009
A Look Back At Forex Trading - 3/28/06
Author: Eddie Yakubovich
Source: articleage.com
We are starting to sound like a broken record, but Cable is in a very tight trading range. It is really difficult to make profit targets when the daily range is less then 50 Pips, Stock Day Trading, .For most of the day, Stock Day Trading, it was less than 40 pips. With that said, once again we were perfect with our entry, which was 1.7490, Stock Day Trading, . The most the market went against us was 3 pips, and with some good exit strategies we were able to take a 30-pip profit out of a very tough day.This brings me to an interesting subject that we will discuss today.When the market gets as tight as it has been over the last couple of weeks, it calls for some minor adjustments to be made to, Stock Day Trading, your personal trading strategy, Stock Day Trading, .One adjustment I am making and would like to put out to our subscribers is that until the market shows an increase in the daily range I am decreasing the maximum allowable stop loss from 40 Pips to 30 Pips.This is not just something I came up with out of the blue, there are reasons and rationale for this adjustment, Stock Day Trading, that I would like to share with you and get you thinking about what you could adjust in your own personal strategy.And please feel free to drop us an email describing your adjustment if you would like to share them. The first thing I looked at which will allow me the luxury of reducing my stop loss is that our entry's have been so good. Since our last losing day, 3/14/06 when our trade went against us, Stock Day Trading, for 40 pips, we have had only one trade go against us for more than 20, Stock Day Trading, pips ( 23 pips on 3/15/06).Over the past three week had we used a static 30 pip stop loss, it would not have stopped us out of any trades, and it would have reduced our losses by 25%.This also allows us to move our profit targets down and still maintain good risk to reward ratios. We must move our profit targets down due to the small daily ranges.Had we used a 30 Pip profit target as the, Stock Day Trading, first target using 1:1 risk to reward ratio we would have closed four additional trades from 120 additional pips. Just a thought I wanted to share.Cable is definitely in consolidation, and is right where it was at this time last night, its banging up against resistance right now trading around 1.7460.This resistance is pretty strong, Stock Day Trading, with multiple levels in a tight region, which goes from 1.7460 all the way up to 1.7510. Consolidation should be expected to continue for the next few days with the early bias on the up side, but if the resistance holds below 1.7510 we will expect the price action to resume its downward move towards 1.7048.As we discussed previously, this is a very tough market to make money in. The daily ranges just get too tight to be able to get in trades and hit profit. Making minor adjustment to your personal trading technique is imperative in this type of market if you expect to continue making profits.Getting the proper forex trading education, to be able to recognize that adjustments should be made, and more importantly understand how to make those adjustments, is the best way to survive and thrive in this or any kind of market. Learn to be an independent trader and control your own, Stock Day Trading, future.We find these support and resistance levels using a set of technical indicators and other variables that we have found to be most successful for us.We use several other indicators and a variety of technical analysis techniques to enter and exit all of our trades.Every trader will have a different combination of indicators that makes the most sense to them.Learn how to develop your own successful Forex Trading style by, Stock Day Trading, getting a Forex trading education. Regardless of whether you choose a Forex trading course or Forex seminar, you must hone your skills before losing your money.Eddie has trained traders for 10 years. His Forex trading course, or Forex seminar, is the only Forex trading education you need.
Source: articleage.com
We are starting to sound like a broken record, but Cable is in a very tight trading range. It is really difficult to make profit targets when the daily range is less then 50 Pips, Stock Day Trading, .For most of the day, Stock Day Trading, it was less than 40 pips. With that said, once again we were perfect with our entry, which was 1.7490, Stock Day Trading, . The most the market went against us was 3 pips, and with some good exit strategies we were able to take a 30-pip profit out of a very tough day.This brings me to an interesting subject that we will discuss today.When the market gets as tight as it has been over the last couple of weeks, it calls for some minor adjustments to be made to, Stock Day Trading, your personal trading strategy, Stock Day Trading, .One adjustment I am making and would like to put out to our subscribers is that until the market shows an increase in the daily range I am decreasing the maximum allowable stop loss from 40 Pips to 30 Pips.This is not just something I came up with out of the blue, there are reasons and rationale for this adjustment, Stock Day Trading, that I would like to share with you and get you thinking about what you could adjust in your own personal strategy.And please feel free to drop us an email describing your adjustment if you would like to share them. The first thing I looked at which will allow me the luxury of reducing my stop loss is that our entry's have been so good. Since our last losing day, 3/14/06 when our trade went against us, Stock Day Trading, for 40 pips, we have had only one trade go against us for more than 20, Stock Day Trading, pips ( 23 pips on 3/15/06).Over the past three week had we used a static 30 pip stop loss, it would not have stopped us out of any trades, and it would have reduced our losses by 25%.This also allows us to move our profit targets down and still maintain good risk to reward ratios. We must move our profit targets down due to the small daily ranges.Had we used a 30 Pip profit target as the, Stock Day Trading, first target using 1:1 risk to reward ratio we would have closed four additional trades from 120 additional pips. Just a thought I wanted to share.Cable is definitely in consolidation, and is right where it was at this time last night, its banging up against resistance right now trading around 1.7460.This resistance is pretty strong, Stock Day Trading, with multiple levels in a tight region, which goes from 1.7460 all the way up to 1.7510. Consolidation should be expected to continue for the next few days with the early bias on the up side, but if the resistance holds below 1.7510 we will expect the price action to resume its downward move towards 1.7048.As we discussed previously, this is a very tough market to make money in. The daily ranges just get too tight to be able to get in trades and hit profit. Making minor adjustment to your personal trading technique is imperative in this type of market if you expect to continue making profits.Getting the proper forex trading education, to be able to recognize that adjustments should be made, and more importantly understand how to make those adjustments, is the best way to survive and thrive in this or any kind of market. Learn to be an independent trader and control your own, Stock Day Trading, future.We find these support and resistance levels using a set of technical indicators and other variables that we have found to be most successful for us.We use several other indicators and a variety of technical analysis techniques to enter and exit all of our trades.Every trader will have a different combination of indicators that makes the most sense to them.Learn how to develop your own successful Forex Trading style by, Stock Day Trading, getting a Forex trading education. Regardless of whether you choose a Forex trading course or Forex seminar, you must hone your skills before losing your money.Eddie has trained traders for 10 years. His Forex trading course, or Forex seminar, is the only Forex trading education you need.
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