Cable continues it’s range trading, as we approach what should be the ceiling, and if the pattern holds, we should start in addition another march down towards 1.7230. Keeping in mind that the last trip down stalled and reversed at around 1.7375.
This range has been in place for months, and until we break 1.7650 on the high side or 1.7200 on the low side, cable will continue to bounce in the range.
On Wednesday night our trade was excellent and in addition we did not make our entry price, consequently we did not make our trade. You might ask why we feel our trade was excellent, well here is why.
We resisted the temptation to make an aggressive trade and increase our risk of being stopped out. There were several reasons we could have used to try to justify a more aggressive trade, but in our system we teach our trader to stay with the safer trades, it’s much more important not to lose profit than it is to gain additional profit.
Our money management and compounding are optimal when employing this technique.
Tonight we are trading around 1.7570. We have the super resistance level around 1.7600, that has held earlier in the night. Now is the perfect time to interject another important part of our trading strategies.
If you have missed your optimum entry point because you weren’t watching the market DO NOT fall to the temptation of making a bad entry point just because the market has come down off your resistance level.
Set your entry and if the market does not get back to it then so be it, as we have said many many times already, not making a trade is a valid position.
On the sustain side, we are looking at a range from 1.7480 to 1.7500. To learn more about how we teach traders to successfully trade the forex market it is important to take the time and learn about a forex trading course or other form of forex trading education.
We find these sustain 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 examination techniques to go into 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 an Elite Forex Trading Course or Forex Seminar.