Sunday, June 29, 2008

A great article on acm forex trading platform

A Look Back At Forex Trading - 4/18/06



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

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Forex, A Week In Review - 3/20/06 To 3/24/06



We like to wrap up every week with a review of the previous week's trading. So, here goes.


Cable gave us a run for our money last week. We were able to end the week up anywhere from 100 to 200 Pips based on personal exit strategies, so we are not complaining, but the daily trading range has been very tight and very unpredictable making big profit targets was almost impossible.


It was important this week to work your trades, we were able to nail 3 out of 5 entries but if you were not watching and working an exit strategy, all but one trade could have gone against you.


If you were not using good trade management strategy you would not have closed the trade around 9:00 AM (before you were actually in the trade) and it would have gone against you for your stop loss. Remember, not taking a trade is a position, often time the best position.


For those of you watching our daily newsletters, we had another good week. We had three winning trades, although only one was for our full target, and more importantly no losing trades.


With that said we have nothing to complain about, going 3 for 3 with two days with no trades, remember taking no trade is as much a position as taking a trade.


And no losing days means we did not give back any of our gains and can add the full gain into our account for compounding. This is what the week looked like;

3/20/06


Short @ 1.7570, Stop @ 1.7615, Target @ 1.7520 & 1.7490


Did not fill either trade but had plenty of reason to get out of trade around 1.7530 on three separate occasions during the day, and there was no reason to not have protected your trade by at the very least moving your stop loss to break even. For 0 to 40, Pips on both trades.


3/21/06


Short @ 1.7540, Stop @ 1.7580, Target @ 1.7500 & 1.7440 - We filled the first trade for 40 and the second trade we closed at 1.7470 for 70 Pips.



3/22/06


Short @ 1.7490, Stop @ 1.7530, Target @ 1.7450 & 1.7410 - We filled both trades we an early exit at 1.7460 for 30 & 30 Pips.



3/23/06


Short @ 1.7460, Stop @ 1.7500, Target 1.7420 & 1.7380 - Missed entry by 11 Pips.


3/24/06


Short @ 1.7370, Stop @ 1.7420, Target @ 1.7310 & 1.7290 - Missed entry by 18 Pips. Closed both trades around 9:00 Am due to reversal indicator. Saved a 100 Pip loss.

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Eddie has trained traders for 10 years. His Forex trading course, or Forex seminar, is the only Forex Trading Education you need to make money Forex trading.