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A-look-back-at-forex-trading---3-27-06/23726">a Look Back At Forex Trading - 3/27
By Eddie Yakubovich
I understand that hindsight is 20/20, but I believe that there is still a great deal to be learned by looking back at Forex trading. Although this article was written ahead of the trading action I am going to discuss, by the time you read this the trading activity which we’re discussing will have already taken place.
If you are not familiar with article submission, let me just fill you in on one fact, your article will not be published for several days. I just want to make it clear that none of the information that you are reading has been written after the fact.
We had a strong bounce up on Friday, which if you are not careful could have hurt you. I hope you all saw the reversal indicators, especially on the 4 hour chart.
It gave us a shooting star Doji and a double bottom tweezer. Followed by a sharp angle up reversal of the MACD with eventual cross above the signal line, with the 1 hour MACD already on the buy side of the signal line, and price action going against you, you had to cancel the sell order, if you had placed one.
So much for Friday, what about today. Well the market is banging up against resistance right now trading around 1.7460. This resistance is pretty strong with multiple levels in a tight region which goes from 1.7460 all the way up to 1.7510.
Consolidation should be expected for the next few days with the early bias on the up side, but if the resistance holds below 1.7510
Market Awaits Fed Statement as USD Looses Ground Against Counterparts
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<a href="http://www.forexyard.com/en/market-analysis/afternoon/market_awaits_fed_statement_as_usd_looses_ground_against_counterparts-2010-03-16" style="font-size:1.2em">Market Awaits Fed Statement as USD Looses Ground Against Counterparts</a>
<br> <span style="color:#888888;">Forexyard</span> - <span style="white-space:nowrap">41 minutes ago </span>
<div style="width:80%;">Ahead of the latest Fed Statement regarding short term US interest rates, the greenback has lost some of the gains it made yesterday against both the Euro and British Pound. Currently EUR/USD is ...</div>
</div>
British Pound Confidence Shaken by Moody's Credit Warning
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<a href="http://www.fxstreet.com/technical/market-view/trading-news-currency/2010-03-16.html" style="font-size:1.2em">British Pound Confidence Shaken by Moody's Credit Warning</a>
<br> <span style="color:#888888;">FXstreet.com The Forex Market</span> - <span style="white-space:nowrap">7 hours ago </span>
<div style="width:80%;">by John Kicklighter Through Friday's close, speculation that the dollar had tipped into a meaningful bear trend had garnered significant interest. Given EURUSD's push to a four-week high after ...</div>
<a href="http://www.economy-news.co.uk/pound-euro-exchange-rate-16201003.html">Pound Euro exchange rate: Tuesday review</a> - <span style="color:#888888">Economy News</span><br>
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Dollar Gains on Renewed Greek Debt Concerns
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<a href="http://www.forexyard.com/blog/en/2010/03/15/dollar-gains-on-renewed-greek-debt-concerns/" style="font-size:1.2em">Dollar Gains on Renewed Greek Debt Concerns</a>
<br> <span style="color:#888888;">Forexyard</span> - <span style="white-space:nowrap">18 hours ago </span>
<div style="width:80%;">The Dollar had a fairly brisk trading today, as it was able to make major gains on both the Euro and British Pound. Rumors that the Greek bailout package would not be delivered as quickly as ...</div>
<a href="http://www.economy-news.co.uk/pound-dollar-exchange-rate-16201003.html">Pound Dollar exchange rate: Tuesday review</a> - <span style="color:#888888">Economy News</span><br>
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Iberia Securities - British Pound Weakening.
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<a href="http://www.bignews.biz/?id=851353&keys=IberiaSecurities-Iberiasecurities-Iberia-Securities" style="font-size:1.2em">Iberia Securities - British Pound Weakening.</a>
<br> <span style="color:#888888;">BigNews.biz</span> - <span style="white-space:nowrap">20 hours ago </span>
<div style="width:80%;">?Iberia Securities?: The weakening of the British Pound has failed to lift exports as anticipated according to the Governor of the Bank of England, Mervyn King. Mr. King's comments came as he gave ...</div>
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British Pound / US Dollar 03-15
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<a href="http://www.dailyfx.com/forex/technical/elliott_wave/gbp-usd/2010-03-15-1551-British_Pound___US_Dollar.html" style="font-size:1.2em">British Pound / US Dollar 03-15</a>
<br> <span style="color:#888888;">Daily FX</span> - <span style="white-space:nowrap">21 hours ago </span>
<div style="width:80%;">After meeting resistance from former support / the 38.2% of the decline from 15825, the GBPUSD has rolled over in what may be a short term double top. I favor a drop below 14780 in a 5th wave ...</div>
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Canadian Dollar Halts 11-Day Rally, British Pound Pares Friday?s Advance
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<a href="http://www.dailyfx.com/forex/technical/article/winners_and_losers/2010-03-15-1525-Canadian_Dollar_Halts_11_Day_Rally_.html" style="font-size:1.2em">Canadian Dollar Halts 11-Day Rally, British Pound Pares Friday?s Advance</a>
<br> <span style="color:#888888;">Daily FX</span> - <span style="white-space:nowrap">21 hours ago </span>
<div style="width:80%;">The greenback strengthened against all of the majors on Monday, while the Canadian dollar remains the best performing currency against the reserve currency as investors raise expectations for a ...</div>
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Euro, British Pound Pare Previous Week's Advance on US Dollar Strength
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<a href="http://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/us_open/2010-03-15-1049-Euro__British_Pound_Pare_Previous.html" style="font-size:1.2em">Euro, British Pound Pare Previous Week's Advance on US Dollar Strength</a>
<br> <span style="color:#888888;">Daily FX</span> - <span style="white-space:nowrap">Mar 15, 2010 </span>
<div style="width:80%;">The Euro halted the three-day rally against the greenback and slipped to a low of 1.3706 during the overnight trade, and the single-currency may face increased selling pressures going into the US ...</div>
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USD slows down as EUR looks to accelerate
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<a href="http://www.fxstreet.com/technical/forex-signals/weekly-forex-signals/2010-03-15.html" style="font-size:1.2em">USD slows down as EUR looks to accelerate</a>
<br> <span style="color:#888888;">FXstreet.com The Forex Market</span> - <span style="white-space:nowrap">Mar 15, 2010 </span>
<div style="width:80%;">by Anthony Boyajian The Euro and the British Pound declined to start the trading week, slipping 0.3 percent apiece against the US Dollar, with safe-haven flows boosting demand for the greenback as ...</div>
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British Pound May Rise as Bank of England Releases Meeting Minutes
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<a href="http://www.dailyfx.com/forex/fundamental/forecast/weekly/gbp/2010-03-13-0449-British_Pound_May_Rise_as.html" style="font-size:1.2em">British Pound May Rise as Bank of England Releases Meeting Minutes</a>
<br> <span style="color:#888888;">Daily FX</span> - <span style="white-space:nowrap">Mar 13, 2010 </span>
<div style="width:80%;">The British Pound may rise if the Bank of England is able to successfully convince the markets that it is truly shifted gears from an outright dovish posture to a wait-and-see approach with the ...</div>
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British Pound Ticks Up Further Against Most Majors
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<a href="http://www.rttnews.com/ArticleView.aspx?Id=1239326&SMap=1" style="font-size:1.2em">British Pound Ticks Up Further Against Most Majors</a>
<br> <span style="color:#888888;">RTT News</span> - <span style="white-space:nowrap">Mar 12, 2010 </span>
<div style="width:80%;">(RTTNews) - The British currency ticked up further against most of its major counterparts during New York mid-day trading on Friday. At 11:15 am ET, the pound climbed to new multi-week highs of 1 ...</div>
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we will expect the price action to resume its downward move towards 1.7048.
As we discussed previously, this is a very tough market to make money in. The daily ranges just get too tight to be able to get in trades and hit profit. There have been very few definable significant trend to ride.
It is all the more important to adhere to your risk vs. reward and money management rules, and you follow what the charts are telling you as far as trend direction and support and resistance, you can be very successful.
The importance of a quality trading strategy is exaggerated in this type of market. The best way to establish a strategy is by education.
Learning to develop your own trading strategy is the most important step you can take in your Forex trading career. Get a quality Forex trading education, whether in the form of an elite Forex trading course, or Forex seminar. Article Source: http://www.upublish.info About the Author:
Eddie Yakubovich
Eddie has trained traders for 10 years. HisForex trading course Ready to copy Article in either text or html format:
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An abbreviated name for foreign currency. See also FX
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