Cable continues trading in a tight range from1.7935 to 1.7800. We will continue to play these levels for support and resistance, until on of them is broken with a strong move. With the current situation, and the knee jerk reactions we are seeing, you should stay out of the way when news is being released.
Tomorrow Mr. Bernanke will testify before the Joint Economic Committee of Congress on the U.S. economic outlook, in Washington. The fundamental traders are reacting drastically to minor news, so, when the fed chairman testifies which usually produces significant volatility, we could see huge moves.
Last night we set our entries at 1.7900, we closed our first trade for 40 pips and our second for 60 pips. Some of our traders also took a long position at 1.7800, and they closed their first trade for 60 pips and their second for 100 pips.
I personally only trade with the trend I one direction, but this is a viable, and not to mention a very profitable position. The greatest asset we have in our trading system, is that we encourage our traders to become independent traders with their own personal style and rules.
Tonight we are trading around 1.7856, which is a little lower than we were last night. We will be watching the resistance level around 1.7935 closely to see if it holds once again.
If it does play the range down to the support around 1,7800.
Remember to play it safe, its better to have a safe entry and not get into your trade than to have an over aggressive entry and get sopped out of your trade for a loss. And it has never been more important than now to watch the news, remember the best way to deal with news is to get out of it's way.
To learn more about how we teach traders to successfully trade the forex market, it is imperative to get a quality currency trading education. The foreign exchange is a great tool to trade, but you must be prepared. Either through a Forex Trading Course, or Forex Seminar.
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 a Forex Trading Education.
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