|
Home / Finance / Currency Trading
Trading In Black And White Forex Trading Newsletter – 5/17/06
By:Eddie Yakubovich
Ok, we admit it, this is even a good trading week for us. A couple of weeks ago, when we made 700 pips we did it in a market that was incredibly volatile. There were 300 pip ranges throughout the week.
This week, however, we have caught the entire range of Monday’s trading, Netting us 40 pips on one trade and 100 pips on another.
Using the same trading levels we got long last night, and again netter 140 total pips.
Although there were some great reasons to go long during the pullback to 1.8850 at 8:00 pm EST, we didn’t take the long because we weren’t in front of the screen. That’s ok, no crying over spilled milk for us.
So, in the last two days there has been a total of a 160 pip range. We have grabbed 100 pips of it…YAY! Generally, the goal is 60% – 70% of the total move. So in this case we are right in that spread. Granted it’s the lower part of the range, but we are thrilled.
Our goal, even with all of our trading experience, is 100 pips per week. In the “Trading In Black And White Forex Trading Course” we go over a very detailed compounding schedule and money management system that explains this in detail.
So, now on to tonight’s trading.
Just like yesterday there is no clear cut resistance level to play. Also, just like yesterday we’re going to point out that there is a “make-shift” resistance level to watch if you are in front of the screen when price gets there. This is….drum roll…1.9000.
Face it, even just looking at that number makes you jittery, nervous, excited, SOMETHING! Whole numbers have that affect on traders as well. We like to watch them for interesting trading activity. We discuss an entire trading strategy in the “Trading In Black And White Forex Trading Course” that revolves solely on big figures.
So, if you are around if and when we get to 1.9000, pay close attention to price action. You might be able to find a good short or a good long based on what happens at that level.
Again, like yesterday, beginners should not be looking to trade at a level that does not present a more clear picture of resistance.
As far as support goes, we will be watching a few different levels. Admittedly, we are conservative in our trading so you’ll be able to guess which level we will be watching most closely in a minute.
On the other hand, many of our traders are more aggressive than we are so we’d like to share all of our thoughts with you.
1.8890, 1.8860, 1.8820, 1.7760 are all “valid” support levels. Obviously, you have to be sure that you get good price action, especially at the higher levels.
We are going to keep an eye on the 1.8860 and below. That does not mean that 1.8890 is not a good trade. We have found a trading style that works for us, and we stay true to it. So far, out of all the styles we have tried with the FOREX, this has been the most consistent and profitable one.
You should take the time to learn how to develop YOUR OWN trading style. Too many so called Forex gurus teach you to mimic their trading styles. Well what good is that? What if their style no longer works, how are you going to adapt?
With the proper Forex trading education you’ll be able to decipher any of their systems, and ultimately develop your own. Believe me, there is no better feeling than being an independent trader.
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 or Forex Seminar.
Digg
del.icio.us
Blink
Stumble
Spurl
Reddit
Netscape
Furl
Article keywords: forex trading course, forex trading education, forex seminar
Article Source: http://www.articles2k.com
Eddie’s Trading Tools:
Forex Seminar | Forex Trading Course | Forex Trading Education
|
|
| Top Currency Trading Articles |
- 1). How To Spot Forex Fraud By : Willie Reynolds
As the popularity of Forex increases so do the number of scam artists attempting to cash in on the Forex gravy train. Since Forex involves trading money internationally, often over the Internet, a whole new breed of scams have come about. Ironically many of these scam artists are finding their marks through newspaper, television or other print media advertisements.
|
|
|
|
|
- 4). Why Forex is a great trade By : Mark Slattery
The Forex market seems to be one of the hottest markets right now.
Let’s take a look why
It takes small amount of capital to get going and you get leverage with it.
This is important because a lot of people entering the market are looking for ways to make money and not just to invest their spare cash.
Leverage means that you can use other people’s money to make your investment bigger.
|
- 5). Electronic Currency Exchange: Trading Digots for a profitable living By : Armand Mont
First of all, if you're just finding out about electronic currency exchange trading, then probably you're still asking "what in the world does this electronic currency business is", and most importantly, "how do I make money from it?"
Well, you are reading this at the right time, because electronic currency exchange is a business that is expanding and offering new ways to profit from it.
|
|
|
- 7). How Useful Are Charting Indicators? By : Erik Teh
Many Forex Traders have computerized charting software to help make trading decisions. There are many excellent indicators that can assist a trader- such as MACD, Relative Strength Index and Moving Average Lines, just to name a few.
Using indicators alone can reduce the probability of trading success. Why? Because the Forex market is driven by human emotion and charting software is a computerized program.
|
- 8). A Look Back At Forex Trading - 4/18/06 By : Eddie Yakubovich
Cable final broke through the super resistance at 1.7600 yesterday. Even though we had a losing trade last night, I have to say I am glad to see that tight range behind us. Maybe now we will see a few prolonged and definable trends.
|
|
|
- 10). Understanding What Influences Forex Prices By : Internet Wealth Mentor
This article will explain some of the differences between Technical Analysis and Fundamentals and explain a bit about each type of trading. Excerpts are taken from the best-selling book ‘Market Wizards’ where Jack Schwager interviews Ed Seykota and Bruce Kovner.
Ed is a trend trader (uses technical analysis) and also relies on hunches from 20 years of experience.
|
| New Currency Trading Articles |
|
|
- 2). What Is Forex Or The Forex Market? By : Ali Jamalan
The forex market is the largest financial market in the world, trading currencies against each other. This market has the potential for investment and trading for profit having great earning scopes in the trade. Access to this market has become commonplace for any individual who’d want to participate in contrast to the olden days when only large bank buildings could trade in the market.
|
|
|
|
|
|
|
- 6). Why Should You Trade Forex Market? By : Nofie Iman
Simply said, there are no other trading instrument comes even closely to forex market when it comes to liquidity, 24hr market environment and last but not the least, profit potential. Forex (currency) market is the largest (most liquid) financial market in the world, with an average daily volume of more than US$ 1.5 trillion, which is more than all of the global equity markets combined.
|
|
|
|
|
- 9). Word Cloud Sites Rock the Web! By : Cynthia Macy
If you have a business website that is for trading forex, commodities, stocks or options, etc., then you might be interested in a new advertising method that will send massive new traffic to your business sites and get you tons of valuable one-way back links to improve your page rank, all hands-free!
|
- 10). Introduction to the Forex Trading By : Nofie Iman
As you might know, the foreign exchange market is the largest financial market in the world. There are over $1.2 trillion changing hands every single day. Compare that to the $25 billion a day trading volume at the New York Stock Exchange. In fact, it is three times larger than all of the US Equity and Treasury markets combined together.
|
|
|
