ForexPros Daily Analysis May 12, 2011
Free webinar on ForexPros - Mastering Trader Psychology
Expert: Rande Howell
Start: Thu, May 19, 2011, 09:00 EST
End: Thu, May 19, 2011, 10:00 EST
Mastering Trader Psychology
The 5 Essential Skills for Peak Performance Trading
Developing an effective mindset specifically for trading is often the missing element in a trading plan and becomes the barrier to desired success. It is this blindness to the inner game of trading that stops the trader from having a breakthrough in achieving his potential. After endlessly crafting a methodology and platform into a trading plan that should give him (or her) an edge in the markets, the serious trader acknowledges that the problem in his quest for success is him (not his trading plan) and his psychology that actually puts his trading plan into play.
How do you go about building a psychology of self that brings the missing mindset edge to your trading plan?Â Find out in this eye opening webinar. You will learn how the interconnection between body, brain, emotion, and mind forges the self limiting beliefs from which you trade. You will see a process built upon 5 essential skills that empower a trader to disrupt the power of fear, anger, and impulse that hijacks the mindset needed to trade. You will also see how to develop a mindset that is rooted in discipline, patience, courage, and impartiality that gives you the psychological edge to use your trading plan effectively.
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Euro, Pound In Measured Moves Short Into Next Long Setup
On the daily, the euro is in measured moves short and hit its 23.6% target at 1.418 and rebounded. The next traditional short setup is at 1.4297, with a line in the sand at 1.43254. The short has moved into the longer term euro long at 1.4180. The line in the sand is at 1.40045.
On the daily the pound today hit its traditional 50% short at 1.65066 and retraced. The target of the new short is at 1.61581. The 50% at 1.63399 of the longer term long is acting as support and the line in the sand is at 1.6244.
On the daily, the yen bounced from a previous low, even after breaking its long setup. This may signal that the yen may continue in the range its been acting between since September 2010 near all time lows. Trading within a range can be dangerous and its best to wait until the range is broken.
Forex Trading Analysis written by Diana Rochford for ForexPros. For more information about technical analysis visit ForexPros.
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