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We have been lucky over the past few weeks to be able to tell you about our good trade nights, well today we will tell you about a bad one. Personally I was stopped out of both of my trades last night for a 80 pip loss…
Last night is what we call a good no trade night. Remember taking no trade is taking a position, and often the safest position. We had several good reasons to take a short position around 1.7360.
Unfortunately the market just dropped, all night, never taking the bounce up we look for our entry…
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…
It looked as though our levels last night were right on, that is until 9:00 and the release of the GDP report…
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…
I understand that hindsight is 20/20, but I believe that there is still a great deal to be learned by looking back at Forex trading…
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.
For most of the day it was less than 40 pips. With that said, once again we were perfect with our entry, which was 1.7490…
Due to the overwhelming success of my last look back at Forex trading, I am releasing another. There will be a new released every day, except weekends, so you could continue to look back at how we find great trading levels.
We are firmly in a downtrend from 1.7593, and longer term from 1.7933…
We like to wrap up every week with a review of the previous week’s trading. So, here goes.
Cable gave us a run for our money last week…
Although hindsight is 20/20, there’s still a lot to be learned by looking back at Forex trading. This article was written at around midnight, March 24, 2006…