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A Look Back At Forex Trading - 4/3/06

Aug 17, 2007
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
About the Author
Learn about Eddie's Forex Trading Course and his Forex Trading Blog or his Forex Seminar.
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