It's nights like last night that make all the analysis worthwhile. Although, trading should be completely unemotional, I am sure that we all feel that little boost of confidence when we nail a trade perfectly.
Both our entry and exit were within 10 pips of the high and the low respectively. Feel free to surf the entire web and see how many traders can boast that type of success.
Certainly, there won't be many. As I mention below, most managed funds (you know, the ones that the pros handle) have been losing at a remarkable pace over the last month or so.
OK, so now to the trading.
We had another great trading night last night. Based on the resistance and support levels we discussed last night we entered our trades @ 1.7460, and we were able to close the trades for 120 pips @ 1.7420 and 1.7380.
Utilizing the proper money management and cushioning technique taught in the trading in Black and White trading course to we were able to pick a safe yet successful entry point, and a safe stop loss.
Then looking at support levels we chose perfect profit targets, exiting our large trade just two pips above the daily low. It is very hard to get better than that.
This has been an active region for trading the last couple of months as Cable continues to trade in the tight range from 1.7230 up to 1.7600 and back down again.
Tonight we are trading around 1.7425, just 15 pips below yesterdays close. We will once again look to the resistance range with around the 1.7470 level. This range goes all the way to 1.7500. As far as support for our potential profit target we will be following what happens to price action around the 1.7380 range again tonight. While most of the managed funds and signal services have been getting crushed over the past few weeks, we are starting off yet another winning week.
If you want to start experiencing winning weeks like the ones or traders have been having, take a look at our forex trading course.
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 with our Elite Forex Trading Course.
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