A Look Back At Forex Trading - 4/7/06

We will once again look to the super resistance level @ 1.7600, to protect our trades. We took an aggressive look last night, on split sentiment amongst ourselves, and as usual the less aggressive or more conservative traders won the day.

They won the day big, some of them captured 120 pips last night, while the more aggressive traders mostly took a 30 to 60 pip loss. Over the past six months, when we have a split sentiment, as we did last night the conservative traders have been right by a little more than a two to one ratio.

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.

What can we learn from this? The first thing is safer is better, in our program we preach to do what ever it takes to limit your losing days. It is more important to not lose pips than it is to gain pips. This is mainly due to our extensive compounding system.

Tonight we are trading around 1.7520, we have some minor resistance around 1.7550, but as out aggressive traders learned last night, it did not mean much, the second region of resistance goes fro 1.7575 to 1.7600, this is where will find entry and stop loss points.

As far as support for our potential profit target we will be following what happens to price action around the 1.7480 range. We must not forget that Friday will be a news intensive day.

The non-farm employment reports come out at 8:30, meaning you should be at your computer at 8:00 to watch what happens. Depending on your position you may need to manipulate your stops and or profit targets, or close your position. It all depends on where you are at that time.

To learn more about how to properly negotiate a news release or any of the other topics we discussed tonight you must take the steps necessary to attain a top notched Forex Trading Education.