Elite Forex Trading Blog

Cable continued its climb today with solid movement. Last nights trading gives me an opportunity to discuss another key factor in our strategy. When we got up this morning we had already closed our smaller trade for 40 pips and had a mild pullback, we closed our second bigger trade at 1.7720 for only 35 pips at 8:00AM.

Had we stayed in our trade we would have closed it for 85 Pips @ 1.7770. This looks like we lost out on 50 pips, but you can’t lose what you never had. We have strict rules about certain news, and those rules told us we had to close our trades before the release of the PPI and housing starts at 8:30 AM.

The reason we have this rule is simple, in our years of trading experience we have seen 35 pip positive trade become a 40 negative stop loss in mere minutes. After witnessing this again and again, we decided it was much better to take the sure 35 pips off the table and bank them, and not risk them with the unpredictable move of a significant piece of.

Last night netted us 70 pips, not too bad, and with Cable heading into a more trending market, we are poised to make more.

Tonight we are trading around 1.7810. We are again looking for a buy. There is some support around the big number 1.7800, and even more around 1.7870. The first resistance is going to be around 1.7900. All indicators appear to be signaling that cable will continue up and test the resistance at 1.7909.

To learn more about how we teach traders to successfully trade the forex market, visit our web site, and learn about our Elite Forex Trading Course.

Signed,
Robert Buckley
Eddie Yakubovich

http://www.elite-forex-trading.com
http://www.foreignexchangeuniversity.com

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 a Forex trading education consisting of a Forex Trading Course or Forex Seminar.

Risk Disclosure
--------------------------------------------------------------------------------
These market outlooks are intended as educational material to assist you in planning your own trades. Trading the forex market, or any other market, on margin carries a high level of risk, and may not be suitable for all investors. Trading with a high degree of leverage can work against you. You should carefully consider your investment objectives before deciding to invest in the forex. There are many variables that will determine your ultimate success or loss, like: level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with forex trading, and seek advice from an independent financial advisor if you have any doubts.