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

Sunday, March 8, 2009

8th March 2009


The NFP friday came and go, The data was worst than expected which let the EU to gain some grounds against the USD. The EU was able to maintain its stand above the important lower trendline in the weekly graph. The weekly graph had traced out a long legged DOJI. Which signifies indecision among the traders.
As long as the prices stays above 1.2500 the upside of EU still remained intact. Today we will be focusing on the price levels at resistance 1.2700/22 and 1.2750 area.

the confluence of resistance at the 1.2700/22 area can be seen to consists of the DP_R2, WP and Upper TL
the confluence of resistance at the 1.2750 area can be seen to consists of the previous day high and Monthly Pivot

The confluence of support can be seen at 1.2550 area which consists of the Daily Pivot, Previous day low and Lower TL.

we will see what price action does at these important S/R levels.
happy trading~!
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