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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. By the time you read this the trading activity which we're discussing will have already taken place.
For those of you not familiar with article submission, it takes several days for your article to be published. None of the information that you are reading has been written after the fact.
OK, now that that's out of the way let's get to trading.
We are firmly in a downtrend from 1.7593, and longer term from 1.7933. We have been breaking through support all week, and until we get signs or indications otherwise, the market should continue it's downward move.
The next area of support is minor around the 1.7280 swing low, followed by the cluster around 1.7230 and more around 1.7147 heading down towards a complete retracements of the 1.7048 to 1.7933 move @ 1.7048.
This current move could certainly continue even beyond the 1.7048 level and become a continuation of the overall down trend from 1.9549.
We have further confirmation via Technical indicators. The Daily MACD has joined the 4-hour MACD in crossing to the sell side of the signal line, with what appears to be a significant crossing angle.
Our resistance levels were just a little off last night, which is not to say they were bad, but we have gotten spoiled, hitting our entry levels every night this week within a couple of pips.
The first area of resistance, many of our traders' uses for a possible entry was around 1.7460 last night. The market went as high as 1.7449. When you look at the fact that a majority of our traders use about a 10 pip cushion, we were right there.
Currently, we are trading around the 1.7345 level. It appears the down move is fully in place, and should continue towards the previous lows at 1.7280.
If this should not hold, and we have no indication it should, we would be looking towards the next cluster of support at 1.7230 and 1.7048.
If a bounce back up should occur, it would be testing the resistance cluster around 1.7600.
Due to the lack of volatility, this is a very tough market to make money in. Even with these conditions, however, if you adhere to your risk vs. reward and money management rules, and you follow what he charts are telling you as far as trend direction and support and resistance, you can be very successful.
Remember, taking no trade while waiting for your perfect entry is much better than taking a bad trade.
Finding good support and resistance levels could be done in as little as 30 minutes per day, once you have become comfortable we've whatever indicators and analysis you use
The easiest way to attain the knowledge necessary to find an exploit these trading levels is through an elite Forex trading course. There is no better way to reach the goals have set out in your Forex trading career that began with the quality Forex trading education.
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