Trading Level 2
Trading In Black And White Forex Trading Newsletter – 6/6/06
In case you were wondering, though, we did not get into any trade. So, you didn’t miss any profits.
On another note, please keep an eye on your inbox today. We are going to be sending you all an invitation to join us for the “Trading In Black And White Forex Trading Contest”. This is a brand new contest, and if we may be so bold, a great opportunity for all of you to win some prizes. You’ll see on the webpage that we send you to that there is a reward for just signing up.
So, let’s move on to the trading part of the broadcast.
We had another test of the high 1.8800′s which failed. Not a huge surprise, considering the obvious bearish divergence between the MACD and the price on the Hourly chart.
Over the last few weeks, we have been trading at levels that are very difficult for us to read. The majority of the indicators that we favor have been worthless over this time.
We remain within these “difficult” levels today. So, we tread lightly with our trading as to avoid any major losses.
It is important to know when to put the fuel on the fire and when not to.
With all that being said, let’s move on to looking at tonight’s trading.
While in this “no-man’s” land we tend to favor one sided trading. This means that we do not look for both long and short trades. We look only for one or the other.
We have decided to look for a short trade, but this in no way means that there isn’t a good long trade to be had. This, again, shows why it is so important for you to learn and perfect YOUR OWN trading style.
Several of our traders believe that there are good support levels at 1.8650 and 1.8600. They have valid reasons to believe this, but they do not meet our standards of entering trades.
We, on the other hand are going to look towards the high 1.8700′s and low 1.8800′s for a chance to short Cable.
We know that this has not been one of our most informative newsletters, but we try to share with you our personal thoughts. And, tonight we have not been able to confidently decide anything.
These trading levels are confusing to us. In fact, some of the traders are looking forward to sleeping in tomorrow, since they won’t be making any trades tonight.
This just goes to show you that different trading styles exist, and many of them work. It’s just a matter of finding what makes the most sense to you.
That wraps up the newsletter for tonight. We are sure that you know that are much more information packed ones to come (just like the hundreds you have already received).
We find these support and resistance levels using a set of technical indicators and other variables that we have found to be most successful for us. We use several other indicators and a variety of technical analysis techniques to enter and exit all of our trades. Every trader will have a different combination of indicators that makes the most sense to them. Learn how to develop your own successful Forex Trading style with this Elite Forex Trading Course.
About the Author
Eddie’s Trading Tools:
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