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

Tuesday, April 7, 2009

7th April 2009



A glance at the daily chart might show bearishness for the time being but the LTL still held on well following the downtrend yesterday. Looking at the H4 chart, we can see a potential harami pattern in formation. And in the H1 chart a Harami pattern had been confirmed. For the pair to continue its momentum upwards, it must break above 1.3420/30 which is the confluence of resistance of Daily and Weekly pivots the 38.2 fibs from yesterday and also the 50 fibs from the downtrend (1.3740 to 1.3111). support can be seen at yesterday low and also the LTL. A break below yesterday low might indicate bearish momentum to continue.

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