The Secret of Successful Trading

"Successful traders have a larger edge and better money management than unsuccessful traders. Unlike popular belief however, this study shows that the smaller edge of successful traders is not the cause of their failure. Traders' failures can be explained almost exclusively by their poor money management practices."

"The Secrets of Successful Trading", Fernando Diaz

Thursday, March 26, 2009

26th March 2009


The spike yesterday due to news and home sales was crazy! Well, i dont trade news.

The daily candle traced out a bull candle, and the uptrend retracement was kind of shallow with 23.6 fibs and weekly pivot as support. However we are yet to witness a higher high being created. Today's focus will be the high of the price reached yesterday at 1.3650. the H1 chart seems to be tracing an inverted H&S pattern with the left shoulder at 1.3500. which conincides with today's 61.8 fibs at 1.3500 this will be a price area to observe as well. further support can be seen at the 1.3400 area which holds the WP at 1.3411.
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