Within a few hours of reaching the high Cable fell hard and turned our trading day into a big winner. We closed our first trade taking 80 pips profit, and the second trade taking a 160 pip profit.
This now gives us a 160 pip week. Remember, our goal for each week is 100 pips. So as of right now we have achieved our goal.
In the "Trading In Black And White Forex Trading Course" we lay out a very simple money management system. Taking a $5,000 account - using this system and making an average of 100 pips per week for one full year (or 50 trading weeks) your account would be worth around $700,000.
Believe us; we know exactly how ridiculous this sounds. But hey, how many people can boast about the kind of results that you have seen us have.
This month we have made OVER 1000 pips and there are still 5 trading days left. Our goal of 400 pips per month is well in hand. This month, we are averaging over 50 pips per day. And, needless to say, our estimate of $700,000 goes up exponentially with an average of 50 pips per day instead of 20 pips per day.
Do you see the amazing potential in the Forex market? If you want to enjoy the type of results that we have experienced, you must get a top notch Forex trading education. And, there is no better place to get it than the "Trading In Black And White Forex Trading Course".
Ok, so let's talk about tonight's trading.
We are going to continue to only play the short side of the market.
After conversing with our traders we have found a few levels that may play an important role in tonight's trading.
1.8750, 1.8790, 1.8810. These are the resistance levels that our traders are watching for potential short trades.
Make sure you look for good price action, or whatever indicators you watch for, before entering into your trades.
That's pretty much all we have to say about the market for tonight.
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 our Elite Forex Trading Course or Forex Seminar.
Photography In Black And White
First, though, let's go over last night. In case you have forgotten, we sat on the sidelines last night, so for us there was no trade. Now, to give credit where credit is due.
For the traders who did go short at 1.8830 and played the 50 pip profit, they closed their trade within 1 pip of the low of last night. Very impressive trading and I applaud all of you.
However, there was even a better trade taken last night, and of course this trader was sure to let me know about it.
Instead of playing a breakout to the upside of yesterday's consolidation, he went short at the top of the range. In fact, he took his short at 1.8880. If you look back at the yesterday's trading, you'll see just how impressive this is.
Now, don't misunderstand what I am saying. I am not taking any credit for this trade. In fact, I am using this to show you that any of you can outperform my trading. I say this very proudly, because my goal is to teach you well enough so that I am the worst trader in the room, but I still make the money I make now.
Let's move onto tonight's trading outlook.
Since we have continued in our downtrend, we will only be looking for short trades. While in this type of trend, there are two ways to enter into a trade.
One, to enter the trade on a bounce up to a good resistance level. By using this method, you limit your risk and you limit the number of trades you will enter. However, if you can accurately find these trades your profit can be substantial.
Secondly, you can enter trades as price breaks below any previous low. In our case, the low to watch right now is 1.8742 (according to our charts with GFT). This trading method leads to more trades but more risk. However, in severe downtrends you may not get a bounce that will allow you to enter a trade in the first method described in the previous paragraph. By using this method, selling as we break the old low, you position yourself to get short even in the strongest down trends.
Both of these methods have merit and can be traded with great success. Which one you decide to trade will come down to your trading style and preferences.
Some traders will use both of these techniques at different times.
Why do I tell you this? I want to get you into the habit of looking for patterns in trading. I want you to recognize how Cable responds after periods of consolidation, or trends.
This way, you can use this information later in your trading.
Tonight, we see some resistance at 1.8830, and 1.8860 and 1.8880. Any of these levels can play an important role in tonight's trading. It's important to pay attention to price action at these levels.
Also, we will keep an eye on what happens if Cable breaks below that 1.8742 low from yesterday.
1.8700 can play a role as support, although we won't be looking for a long trade tonight. This may be a good place to put your profit targets.
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 our Elite Forex Trading Course or Forex Seminar.
