Forex Seminar Blog

Eddie Yakubovich asked:


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.

If this is the case it will make it much easier to make a good profitable trade. On the other hand Cable could just as easily slide right back into a consolidation sideway market. Only time will tell.

We we lick our wound from last night and bid farewell to the 1.7600 resistance level. It served us well over the past few months holding on at least a half a dozen occasions. Lets take a look at last night and see what it took to break that resistance. Was it a 20, 40 or 60 pip move, no way? It took a lot more than that to break through, it was a 150 pip move that did the job. Only a move of this magnitude would have the momentum to break and hold above the established resistance.

Last weeks trades were not bad, but last night was not so much. We now have a possible trending market to play for the first time since the first of February.

Tonight we are trading around 1.7710. We are looking for a buy for the first time in months, and some of our traders are going to play both a buy and a sell at opposite end of the expected range.

There is some support around 1.7706, and even more around 1.7680. The first resistance is going to be around 1.7750. We do like to caution traders on making too aggressive of an entry, the 1 hour MACD is still on the sell side of the signal line, although there appears to be some divergence on this chart recently. To learn more about how we teach traders to successfully trade the forex market, be sure to get yourself a top quality forex trading education. One that includes either a forex seminar or a 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.or Forex Seminar



WADDY

Eddie Yakubovich asked:


When I look at the charts tonight I think of my favorite Led Zeppelin song, The Song Remains the Same. Cable will once again be testing the resistance around 1.7935.

If this sounds familiar it should, we have been tell you about this since last Thursday.

While we believe it will hold only time will tell for sure, we must be very vigilant in watching in the New York session, especially with the release of the consumer confidence report at 10:00 AM.

The fundamentals are all over the place, due to fears of the recent and dramatic increase in gasoline prices. What does this mean to us? We need to watch and take action dependant on the situation at the time of the news release.

On Monday 1.7800 held as support a little above where we were looking as we were watching 1.7750 again. We were still able to close both of our trades, the first for 60 pips and the second for 80 pips of profit.

The previously mentioned cluster of resistance around 1.7935 has several good supporting reasons behind it, with the main player being a 61.8% Fibonacci retracements of the 1.8498 to 1.7048 move, and the previous highs of 1.7934 and 1.7933.

We will watch closely to see in the rise continues, and if it does we are looking towards the 1.8498 previous high. If this current resistance at 1.7935 holds and we see a reversal, we will look towards the support cluster at 1.7680

Tonight we are trading around 1.7864. We will be watching the resistance level around 1.7935 closely for another reversal. This should be a great area to be looking for a sell. 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.

To learn more about how we teach traders to successfully trade the forex market be sure to attain a top notch Forex Trading Education. Whether it be a forex trading course or forex seminar, you must prepare yourself for your trading career..

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 course or forex seminar.



GAMBALE