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, May 6, 2010

Bearish scenario remains intact with EUR/USD


The EUR/USD made a sharp turn down early this month following concern of possible contagion in the EU nation. Dropping on an average of 200 pips per day, the pair now trades below the april 2009 lows at 1.2836 at the time of writing. The immediate resistance would be seen at the 1.2880 area followed by 1.2900 and 1.3000 psychological levels, i would expect stale longs to liquidate again when it retest the 1.3000 area. EUR/USD now is bearish and further pressure might be expected in near future unless we see the pair trades back well above 1.3000
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