When is a night that you don’t get into a trade a good trading night? Well the obvious answer is when the market goes against you, but since you did not get to your entry price you did not lose any money.
Last night gave us an example of what I believe is an even better no trade night. We missed our entry by one pip plus the spread. Cable dropped to 1.8581 and our entry was 1.8580.
Most of you ask how frustrating it is to miss a 160-pip profit night by one pip, that’s right we hit both of our targets. My answer is it’s not frustrating at all. I can honestly answer this way because number one, and I alluded to this a little in last nights news letter, the market is completely random, so why should I feel frustrated by missing a trade by one pip, to the contrary I am glad to been that close to the entry.
And number two every trader needs a little luck, to have a trade go in there favor. We have had six out of the last seven nights go in our favor for well over 700 pips. I feel fortunate that I have had more than my share of luck.
It appears Cable is sliding into some sideways consolidation trading. We do not feel this will last long. This has been a fairly quiet week so far, with no significant news. That all changes Wednesday with the FOMC Interest Rate Statement.
With that said we expect the rise to continue towards the 1.9549 previous high. We must also watch the 4 hour charts as the MACD is in divergence.
Last night we set our entries at 1.8580. We had profit targets of 1.8640 and 1.8680, we miss the entry by one pips but the target were perfect.
Tonight we are trading around 1.8550. We will be looking to go long again, and we will continue cautiously watching for an unexpected reversal.
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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.
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