Trading in Black and White Forex Trading Newsletter - 05/30/2006

Trading in Black and White Forex Trading Newsletter - 05/30/2006

We would like to start by wishing a Happy Memorial Day. We hope you had a great extended weekend, we definitely not. Between the barbecues and boating and sweet ... well, life is good.

Ok, so how is trading this month? Well, $ firstname, I'm glad you asked.

But before we get to it, we want to give you a quick overview of our commercial objectives.

We shoot for 20 pip daily average, which would lead to 100 pip per week average, which would lead to 400 pip per month average.

If we, or are able to achieve this type of success of our bill will increase the rate of silly assuming that we have quality money management system in place.

So, now that we are reminded that it ... Let's move this month.

So far, May is a big month for us. We made over 1000 pips in profit (actually more than 10% over 1000 pips) and had a win loss ratio of better than 3 to 1 (it is 75% for math challenged).

In fact, the last two weeks we had only one losing trade.

To sum it up, we have done more than twice (actually more than tripled) our goal in pips. A month like this accelerates our scheme interfere greatly.

Well, enough about that ... Let's move on to trading tonight.

The funny fall on Friday, the charts indicate the continuation of the downtrend. And who are we to fight the charts.

Now that we know that we are looking to go short, let's try and find some good sales levels.

1.8720, 1.8770, 1.8850 and all seem to be credible resistance levels. Take note of how much we're still in the open market on Monday night. This information will come into play when looking for your craft.

Looking for a good price action around these levels to find your access point.

As far as support goes on ... what about support?

Obviously, there are smaller levels of support among low of 1.8529 and the current price. All you have to do is to draw Fibonacci lines and can be found lower levels of support. None of them, however, be considered valid until it is held.

Also, remember that integers can act as support levels and resistance.

So, what does this mean for you?

This may be a good time to increase your profit goals. Maybe move stops to break even if you get a nice move in the direction.

The reason for this rare outbreak of us who have mentioned how to stop your use is that we want to open your mind to different styles of trading.

No trading style is perfect for everyone. It is very important that you take time to learn what trading style works best for you.

Well, that's all we have to say about trading tonight.

We believe that these support and resistance levels using a set of technical indicators and other variables that were found to be very successful for us. We use several other indicators and a variety of technical analysis techniques to enter and exit all of our trades. Each merchant will have a different combination of indicators that makes the most sense for them. Learn how to develop your own successful Forex Trading style with this elite Forex Trading Course.