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

Saturday, March 14, 2009

The week ahead (March 3rd week)

The EU ended the week with a nice bullish candle which saw the price staying above 1.2900. The PA in the weekly chart seems to suggest that the pair might be in a bullish tone. We might expect the price to challenge the 1.3000 level early next week. Looking at the H1 chart (2nd chart) we see that EU had formed a steeper channel and the PA on Friday seems to traced out a bullish flag continuation pattern. If the flag resistance is taken out then we might see price retesting the 1.3000 level. If support is being broken then price might retrace to the 1.2730 area. Enjoy your weekend guys/gals. See you all next week !

happy trading!
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